UPDATE: Google CEO Sundar Pichai in his memo to workers about layoffs: 'Over the past two years ... we hired for a different economic reality than the one we face today.'
Pichai said that Google, founded nearly a quarter of a century ago, was"bound to go through difficult economic cycles."
"These are important moments to sharpen our focus, reengineer our cost base, and direct our talent and capital to our highest priorities," he wrote.Earlier this week, Microsoft announced 10,000 job cuts, or nearly 5% of its workforce. Amazon has said its cutting 18,000 jobs, although that's a fraction of its 1.5 million strong workforce.
Employment in the U.S. has been resilient despite signs of a slowing economy, and there were another 223,000 jobs added in December. Yet the tech sector grew exceptionally fast over the last several years due to increased demand as employees began to work remotely. CEOs of a number of companies have taken blame for growing too fast, yet those same companies, even after the latest round of job cuts, remain much larger than they were before the economic boom from the pandemic began.
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