Google to Lay Off 12,000 Employees

Tsing

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More and more tech companies are making the difficult decision of laying off employees amid economic uncertainty and fears of a recession, and it appears that Google isn't an exception. According to a letter that Google CEO Sundar Pichai sent to staff today, Google will be laying off as many as 12,000 people, cut across Alphabet, Google's holding company. Pichai said that he was "deeply sorry" for what is happening and is taking full responsibility for the decisions that led Google here.

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I expect walmart, target, att, banks, McDonald's and any big company.to do the same. Its now part of the fed's plan to control inflation ( increase unemployment). They don't know anything, they think they are doing something... But they arent doing what they think they are in my opinion... This is going to mega backfire. Come summer gas will be back on its way to 6 dollars, and no more pumping oil reseves. Inflation will soar again anyway. Typically poor countries suffer inflation, we are intentionally making ourselves poorer to see if that tames inflation, it won't. We will be poorer and with more inflation is what will happen.
 
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MadMummy76 said:
Makes it seem like they know something we don't and are preparing to hunker down. One tech company announcing big layoffs, nothing to see here, two, might be coincidence, but five or six? There is something going on and we are out of the loop.
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Yeah something doesn't smell right. I also feel the tremors of big tech collusion, they know something we don't for sure.
 
Burticus said:
Yeah something doesn't smell right. I also feel the tremors of big tech collusion, they know something we don't for sure.
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Big tech is more than just Google, Microsoft and Facebook, and you don't see IBM, Oracle, and other, similar tech in the fortune 100 laying off 1000s.

In any case, for the companies that are laying off, there are 2 similar factors:
1 is advertising is down. Google and Facebook are highly revenue dependent on ads, and the double whammy for facebook is apple locking them out of a revenue stream.
2. The great migration to work from that occurred in 2020 and 2021 doesn't seem to be lasting. I can't really explain why that is, because work from home is by the superior way to handle things, but companies that staffed up to support business lines that support WFH are finding they made a bad bet.
 
Endgame said:
Big tech is more than just Google, Microsoft and Facebook, and you don't see IBM, Oracle, and other, similar tech in the fortune 100 laying off 1000s.
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Because those other industry giants have a work force with a much higher ratio of contractors. They can be terminated in mass or even have their pay scale lowered in mass with minimal news reporting it because it isn't required to be dumped to the stock market data stream.
 
Endgame said:
Big tech is more than just Google, Microsoft and Facebook, and you don't see IBM, Oracle, and other, similar tech in the fortune 100 laying off 1000s.

In any case, for the companies that are laying off, there are 2 similar factors:
1 is advertising is down. Google and Facebook are highly revenue dependent on ads, and the double whammy for facebook is apple locking them out of a revenue stream.
2. The great migration to work from that occurred in 2020 and 2021 doesn't seem to be lasting. I can't really explain why that is, because work from home is by the superior way to handle things, but companies that staffed up to support business lines that support WFH are finding they made a bad bet.
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It's definetly not just ms google and meta, I remember reading about amazon who are not reliant on advertising, and a few others I don't remember the names now.
 
Everyone over hired for the market because it was this sustained level of effort required and consumption was through the roof for all services. 1-6 months ok... but once it became clear this was going to last years they had to hire to alleviate the load on the workforce. Now that things are settling back down they look at their staff and trim back down.
 
I just read that Hasbro is also planning to get rid of 1000 people.
 
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