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Google layoffs in 2024: What you need to know today about the latest Google layoffs

Google layoffs in 2024: What you need to know today about the latest Google layoffs


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Despite the layoffs, Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) stock is rising today. Google's parent company has announced plans to cut its workforce for the second time this year, and it's going full steam ahead. Details regarding Google's next round of layoffs have not yet been released, but the company has hinted that some jobs may be moved to offices overseas.

Back in January, Google cut about 1,000 jobs in its hardware and search divisions. These job cuts were aimed at helping the company shift gears and expand its advances in artificial intelligence (AI). Currently, GOOGL stock is responding well to news of further layoffs, and the market seems to like the latest restructuring decisions.

Google's layoffs: Learn more

Few details about Google's layoffs have been released so far, so it's difficult to estimate how much of an impact the layoffs will have on the company's stock price. Still, GOOGL stock has largely remained up since the last round of layoffs this year. Today's results suggest that this trend will continue as Google moves on from its older operations.

What do we know about Google's upcoming layoffs? Business Insider reports that the company's finance and real estate teams are being affected by the cuts, according to anonymous sources. However, the paper notes that the number of jobs eliminated is still unconfirmed. A Google spokesperson issued the following statement:

“To best position us for these opportunities, in late 2023 and into 2024, many of our teams will make changes to improve efficiency and work, remove layers, and We've aligned our resources to the product's biggest priorities. This allows us to simplify our organization and reduce bureaucracy and hierarchy while ensuring our employees are aligned with the most innovative, important advances and the company's biggest priorities. You can increase your chances of working on it.”

That said, the spokesperson added that Google plans to move some jobs to locations outside the United States, such as Ireland and India. Employees affected by Google's layoffs will also have the opportunity to apply for other jobs within the company. That could be part of the reason why GOOGL stock is still rising on news of layoff trends.

why is it important

When a troubled company announces layoffs, it's often a sign of distress that prompts investors to exit. However, when a strong company like Google cuts employees, it is usually done in the name of restructuring. Such moves usually benefit the company, and investor confidence in Google's future plans remains high, and that certainly seems to be happening here.

It's hard to know exactly what the company is planning, as details haven't been announced yet. However, the news of Google's layoffs has not had a negative impact on the stock price, so the hard numbers likely won't make much of a difference. Additionally, investors could see further growth in the coming months as the company shifts more resources to its fast-growing AI sector.

On the date of publication, Samuel O'Bryant did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to Publishing Guidelines.

Samuel O'Brient is a reporter for InvestorPlace, focusing primarily on financial markets, global economic trends, and public policy. Mr. O'Bryant writes a weekly column on current political news that investors should pay attention to.




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