By Investing.com Staff
Alphabet (NASDAQ:GOOGL), the parent of Google, announced that it would cut about 12,000 jobs or about 6% of its staff. This would be the largest ever layoffs from the company amid the economic slowdown.
The cuts will take place globally across the entire company.
CEO Sundar Pichai said he takes "full responsibility for the decisions that led us here" and noted the past two years of dramatic growth.
"Over the past two years, we've seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today," he commented.
With the layoffs, Alphabet joins other tech companies including Salesforce (NYSE:CRM), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), and Twitter which also recently made cuts.
"These are important moments to sharpen our focus, reengineer our cost base, and direct our talent and capital to our highest priorities," Pichai added.
The CEO said they see substantial opportunity in front of them with artificial intelligence.