Google: The Irish Times writes that Google, which is part of Alphabet Inc., plans to lay off 240 employees in the Irish division of the company, which is 4.3% of the state.
The decision comes in line with a plan announced in January to reduce the company’s global workforce by about 12,000 people, or 6%.
Over the past 12 months, Alphabet’s capitalization has decreased by more than 28% (to $1.21 trillion), while the Nasdaq Composite stock index has lost over 15.2%.
In a previous post, The American IT giant Alphabet Inc., which owns Google, plans to cut its global workforce by about 6%, laying off about 12 thousand people, said the head of the company Sundar Pichai.
« This is an important moment to set clearer targets, review spending, and direct funds and talent to the highest priority areas, » he wrote in a company blog.
Alphabet employees in the U.S. will receive full pay until they leave with at least two months’ notice, severance pay from four months’ wages, bonuses, and pay for remaining vacation days. They will also receive health insurance and immigration support services for six months after their dismissal.
« The company has too many employees, and the cost per unit of the workforce is too high, » said Chris Hohn, managing director of investment firm TCI Fund Management, adding that Alphabet’s staff has grown by 20% a year since 2017.
The cuts were previously reported by Meta Platforms Inc, Twitter Inc., and Amazon.com Inc.
Alphabet shares are up 3.2% in early trading on Friday. Over the past 12 months, the company’s capitalization has decreased by almost 29% and is about $1.18 trillion.
