Market News

GOOGL to Slash 12,000 Jobs

Alphabet (GOOGL), the parent company of Google will join the other tech giants including Microsoft (MSFT) and Amazon (AMZN) and will slash around 12,000 jobs, comprising 6% of its global workforce. Earlier this week, Microsoft announced that it would reduce its workforce by 10,000 employees while AMZN is planning to lay off around 18,000 employees.

Alphabet’s CEO, Sundar Pichai stated in an email to employees on Friday that he takes “full responsibility for the decisions that led us here.” Pichai added, “These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities.”

The CEO pointed out that the company perceived a “substantial opportunity” when it comes to artificial intelligence. Alphabet is experiencing a slowdown in advertising revenues while its third-quarter revenues and earnings missed Street expectations.

Wall Street analysts remain bullish about GOOGL with a Strong Buy consensus rating based on an unanimous 32 Buys.

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