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Google spent a staggering $2.1 billion on severance and related expenses during 2023, resulting from layoffs that affected over 12,000 employees. The tech giant is continuing its cost-cutting measures in 2024, allocating an additional $700 million for employee severance charges in January alone, targeting another 1,000-plus roles. Despite these significant layoffs, Google reported positive growth in its core business lines for Q4 2023, with a 13 percent YoY increase in revenue to $86.3 billion. CEO Sundar Pichai attributed this success to investments in generative AI, emphasizing that the layoffs were part of a broader restructuring.
Google posts $307 bn revenue in 2023, spent billions of dollars to lay people off#Google #layoffs #business https://t.co/YCfudvTZa1 pic.twitter.com/2QJtiYrbz0
— Business Insider India🇮🇳 (@BiIndia) January 31, 2024
Pichai outlined Google’s AI-centric future, referring to 2024 as Alphabet’s ‘Gemini era.’ The company’s vision includes implementing Gemini, its AI language model, across all its core products. While the original Gemini is already in use, an upcoming iteration, Gemini Ultra, is in development, set to integrate with products starting with Search. Despite the positive financial results and AI advancements, Google’s ongoing investments in AI are expected to prompt further layoffs in 2024 as the company streamlines operations in other divisions to accommodate its AI-focused strategy. Brace yourself.
See Also: CEO Sundar Pichai Tells Google Employees To Expect More Job Cuts This Year: Report
See Also: After Axing 1000 Jobs Last Week, Google Layoffs ‘Hundreds’ From Its Advertising Sales Team Globally
