Why Alphabet (GOOG) Shares Are Gaining Today - Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL)

Alphabet Inc GOOG GOOGL Google has decided to cut 12,000 jobs globally.
CEO Sundar Pichai said that the eliminations reflect a rigorous review across product areas and functions to ensure that its people and roles were aligned with its highest priorities as a company.
They cut across Alphabet, product areas, functions, levels, and regions.
Also Read: Google Employees Push Back Against Cost Crackdown, Alleging "Nickel And Diming" From CEO
Google proposed to reimburse employees during the whole notification period.
Google also prepared to offer a severance package starting at 16 weeks' salary plus two weeks for every additional year at Google and accelerate at least 16 weeks of GSU vesting.
Google promised to pay 2022 bonuses and remaining vacation time.
Google agreed to dole out six months of healthcare, job placement services, and immigration support for those affected.
Outside the U.S., Google pledged to support employees in line with local practices.
Previously, Google had canceled product launches and project budgets to tide through the slowdown and sought employee productivity suggestions.
Pichai had earlier dodged employee questions asking about cost-cutting executive compensation.
Google was the latest Big Tech to join peers like Amazon.Com Inc AMZN, Microsoft Corp MSFT, Meta Platforms Inc META, and more to take the difficult decision of downsizing amid pandemic recovery-driven business slowdown and macro uncertainties.
Also Read: Microsoft Slashes Workforce After Denying Layoff Plans, Narrows Focus In Response To Macro Pressures: 'It's Showtime'
Price Action: GOOG shares traded higher by 3.36% at $97.07 in the premarket on the last check Friday.
Photo Via Company

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Google To Fire 12K Employees Worldwide; Extends Support Packages