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Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google has commenced another round of employee layoffs, underscoring a strategic move towards cost reduction amidst the tech industry’s prevailing economic uncertainties.
The company confirmed that this latest series of job cuts is selective and not widespread across the organization, allowing those affected to pursue other internal opportunities.
Reuters reports that this action follows a pattern of reductions within Google and the broader tech and media sectors throughout the year, stoking concerns that downsizing trends might persist as firms navigate financial instability.
The spokesperson elaborated that these measures were part of efforts initiated in the latter half of 2023 to streamline operations, eliminate redundancy, and better align resources with the company’s primary product initiatives.
Reports indicate that the real estate and finance departments are among the sectors within Google experiencing these job cuts.
Functions within finance, such as Google’s treasury, business services, and revenue cash operations, have been identified explicitly as areas undergoing restructuring.
Furthermore, Google’s finance chief, Ruth Porat, told employees that the company’s restructuring strategy includes expanding its growth into international hubs like Bangalore, Mexico City, and Dublin.
Earlier in the year, Google reduced its workforce across various departments, including engineering, hardware, and assistant teams, as part of its increased focus on developing its artificial intelligence capabilities.
Analysts flagged the company’s sustained growth through its dominance in mobile search, YouTube, and programmatic advertising alongside strategic investments in cloud, hardware, and AI.
Analysts expect Alphabet’s shares to be re-evaluated as the market gains confidence in Google’s AI advancements and the potential for growth in the CTV sector.
In January 2023, Alphabet divulged plans to downsize its workforce, comprising 6% of its global employees.
GOOG stock climbed over 49% in the last 12 months. Investors can gain exposure to the stock via IShares Global Comm Services ETF (NYSE:IXP) and The Communication Services Select Sector SPDR Fund (NYSE:XLC).
Price Action: GOOG shares traded higher by 0.24% at $157.25 premarket on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
