Zhia Chong’s Post

Google’s parent company Alphabet posted a quarterly revenue growth of 13 percent on Tuesday, as part of their Q4 2023 earnings report. This marks the second time in a row the company has reached double-digits in year-on-year growth since Q2 2022. Alphabet saw increases in advertising revenue, reporting $65.5 billion, up from $59 billion a year ago. Still, share prices went down after the company missed analyst projections for its ad business, dropping by as much as 6 percent after market close. As far as cloud revenue goes, the segment continued its growth trajectory, showing a 26 percent increase from the same time last year. This development is expected to continue in 2024, with Alphabet announcing its newest large language model Gemini in December and planning to license Gemini via Google Cloud. Alphabet also reported that 182,502 employees currently work there, marking a four percent decrease year-over-year following layoffs earlier in 2023. These layoffs also were responsible for a short-term hit to the company's bottom line, with about $2.1 billion paid out in severance and other related compensation in 2023. Find out more on which companies are leading in the cloud services business here. #statista #alphabet #google #growth #data #marketanalysis #research

According to a report by The Verge, Google spent a substantial $2.1 billion on severance packages and associated costs while downsizing its workforce by over 12,000 employees throughout 2023. The tech giant continued its restructuring efforts into 2024, already allocating $700 million in the first month for severance charges related to cutting over 1,000 additional roles, as revealed in #Google #GoogleLayoffs #TECHLAYOFFS

Did you know it costed google $2.1 Billion (17,500 cr) for 12000 job cuts ? In a surprising move, Google recently underwent its most extensive job cut in history, affecting 12,000 employees. The shockwaves rippled through the tech giant, carrying a staggering cost of $2.1 billion, equivalent to a whopping 17,500 crores, encompassing severance and various expenses. Even amid double-digit revenue growth in the 4th quarter and consistent upward trends in the 3rd quarter, the decision to trim the workforce came as a puzzle to many. Sundar Pichai, Google's CEO, addressed the significant move, stating that further reductions were on the horizon, albeit not as massive as the recent cut. What makes this a head-scratcher is the apparent success Google saw in Q4, with results exceeding expectations. However, the market responded with a 7% drop in Alphabet shares during extended trading. The lingering question is why a behemoth like Google, with healthy financial indicators, decided to incur such a massive cost through layoffs. Is this just to streamline operations, removing unnecessary layers within departments for greater efficiency? The complex interplay between financial health, shareholder expectations, and long-term benefits comes into focus. Does this hefty layoff expense merely serve to enhance short-term balance sheets, presenting an attractive façade for shareholders and investors? Or is it a strategic move poised to deliver lasting advantages for the tech titan? As the dust settles, one thing is clear – Google's decision to navigate the delicate balance between immediate gains and sustained growth will be closely watched. The road ahead promises more clarity, but for now, the industry and investors remain on the edge, eager to decipher the implications of this unprecedented move. #google #businessinsights #techindustry #jobcuts #financialstrategy #leadershipinsights pc: mashable story source: hindustan times

Just ahead of its blowout first-quarter earnings report last week, Google laid off at least 200 employees from its “Core” teams, in a reorganization that will include moving some roles to India and Mexico, we've learned. Google’s Core unit is responsible for building the technical foundation behind the company’s flagship products and protecting users’ online safety, according to Google’s website. Core teams include key technical units from information technology, its Python developer team, technical infrastructure, security foundation, app platforms, core developers and various engineering roles. “Announcements of this sort may leave many of you feeling uncertain or frustrated,” Asim Husain, vice president of Google Developer Ecosystem, wrote in an email to his team last week. Even with digital advertising rebounding in the past couple quarters, Alphabet has continued downsizing, with layoffs across multiple organizations this year. Prabhakar Raghavan, Google’s senior vice president overseeing search, recently referenced heightened competition, a more challenging regulatory environment and slower organic growth as the company’s “new operating reality.”

I am really interested to know your reaction to this. Please share your thoughts in the comments. #google #layoffs #sundarpichai

😒More lay offs are coming at Google according to CEO Sundar Pichai...BUT, a bright spot should be that Google stock is trading at close to all-time highs 📉Generally, when companies go through lay offs, the stock price has taken a hit at the same time as people lose their jobs. Precisely when you might need to sell your stock is when it's worth the least. That has not happened at Google with the market. If you are a Googler, your net worth is probably looking pretty good right now because of the stock performance (it's trading at $145 / share which is pretty close to the November 2021 peak of $149). 😮💨If you've been laid off or are anticipating a lay off during a tough market for white-collar tech jobs, take a moment to breathe. What are your liquid cash resources? How much company stock do you have and how can you utilize that stock to allow for a thoughtful job search? I've been checking in on my friends at Google during what I know is a stressful time. If you were affected by the last lay off round or are worried that your job will be affected, send me a DM. I'm happy to chat! https://lnkd.in/gPtUg4FK #google #layoffs #womenintech

What’s Google’s plan? Alphabet (owner of google) recently deliver a strong quarterly report with 15% revenue growth and dividend on its way to shareholders. At the same time they are reorganizing and completed 200 layoffs in their core tech team. As well as relocating positions to countries with cheaper labor cost. Positions within their core tech. On the other hand as a “user” of Google search (their main revenue channel with google ads) I feel their product is diminishing. Googling now yields tons of paid ads: text ads, shopping, site links, images - you name it. You really need to work hard to search and find the answer you are looking for. Adding more specificity to the search. The last two weeks I haves turned to LLMs (ChatGPT and Gemini) with multiple scenarios and copy pasted my Google search. Almost instantly received a perfect result. With the knowledge of a long-standing ongoing internal debate in Google on where to take google search, based on the wish to earn more revenu from ads, I have a feeling something is happening. What’s the future of google search? How do you experience the results your are shown? How tired are you of Temu ads in google shopping 😅?

Tech layoffs continue to be a trend in the industry in 2024, albeit not at the scale of the previous year. Big names like Google, Microsoft, Tesla, Mozilla, Pixar, Nike, Spotify, Rivian, Unilever, Electronic Arts and TikTok have all announced layoffs. The trend of layoffs in the tech sector, which began in 2022 and continued through 2023, is ongoing with various companies reducing their workforce. Google is restructuring its finance team in a move that involves layoffs and relocations, citing an internal memo. The undisclosed number of job cuts will affect some employees in the U.S. and overseas. Google will also create “hubs” for more centralized operations in India, Mexico, Ireland, Atlanta and Chicago. This is the latest in a string of layoffs at Google amid a slowdown in advertising growth and a prioritization of investments in artificial intelligence. A spokesperson for Google confirmed the news but declined to share more details. Employees in the company’s real estate department were also affected, according to Business Insider, which also reported on the layoffs. Google also terminated 28 employees this week after they staged protests in offices across multiple cities, citing an internal memo. https://lnkd.in/g3DFw37H