Well, the Mountain View giant aka Google was the only one left to join the layoff party in 2023 and they recently announced to lay off 6% of their global workforce to cut costs. This makes Google the biggest company to layoff the most number of employees off late literally days after Microsoft announced to cut 10,000 jobs.
As you probably know this comes as a direct consequence of the recent price hikes and inflation across the entire globe, companies look desperate to maintain their billing, keeping up with interests, and payments because of the increasing loan rates, price hikes and whatnot.
However, some say this comes directly as a result of overhiring and thus these giant companies like Microsoft, Google, Amazon and others had no choice left but to do this.
In total, Amazon has laid off the most people which is 18,000 once at the end of 2022 and recently in January 2023. While these are the numbers of big companies only but most startups, Silicon Valley companies and every other private institution are affected by the current recession which has paved its way to the US and every country due to price hikes.
Not so ironically, as soon as this news broke last night, the US market got in favour of Alphabet Inc Class A shares aka Google listed GOOGL on NASDAQ. The price per share closed at $98.02, seeing a 5.34% spike and that’s obvious because nevertheless, layoff news boosts confidence among people for the company even though how ironic that can it be.
From Meta to Microsoft, all the recent giants who have laid off employees have seen their shares increase and for Google too this seems to have worked. While we don’t have any idea about how far this layoff season is to continue but we hope this doesn’t bring the horrific 2008 recession back in 2023!
