The Clap
Google, Alphabet’s (NASDAQ:GOOGL) flagship subsidiary, announced on Friday that they would lay off around 12,000 employees globally, jumping on the tech industry’s layoff bandwagon.
What
Growing fears of a recession have spurred unrest in the tech industry, with many companies cutting costs over the past few months.
Tech companies have been the biggest victims of the economic conditions in 2022, with many businesses cutting down their ad spending and becoming more conservative in their spending.
So What
The memo sent by Google’s CEO quoted that the company “hired for a different economic reality than the one we face today”, after a period of strong growth.
Now What
The lay offs will impact employees in the US immediately, but may take a bit longer in other countries due to laws and regulations.
