Google (GOOGL:NSD) slashing 6% of jobs

Alphabet Inc Class A Stock Forecast:

Alphabet Inc Class A stock, which is the stock of the parent company of Google. According to the forecasts of 35 analysts, the average target price for the stock over the next 12 months is USD 133.65, which suggests that the stock has room for growth. The average analyst rating is “Strong Buy,” indicating that most analysts believe the stock is a good buy. Stock Target Advisor’s own analysis of the stock is “Slightly Bullish,” which is based on a combination of positive and negative signals, indicating that the stock has some potential for growth but it also has some risks. At the last closing, the stock price was USD 93.05. The stock has seen an increase in its price of +2.11% over the past week, +5.21% over the past month, but over the last year, the stock has decreased by -31.13%.

Alphabet Inc. (Google) News:

Google parent company, Alphabet Inc., announced that it will be cutting approximately 12,000 jobs, which represents more than 6% of its global workforce. This move comes as the latest in a series of retrenchments by technology giants, who are facing a faltering global economy and rising inflation.

The job cuts will affect positions across the entire company, and will be felt globally. In an email to employees, CEO Sundar Pichai stated that he takes full responsibility for the decisions that led to the layoffs.

Despite this announcement, shares of Alphabet Inc. rose 4.3% in New York on Friday morning. The stock has seen a decline of approximately 30% over the past year.

The company’s resilient search engine business, Google has been impacted by a slowdown in digital advertising, and its cloud-computing division continues to lag behind competitors such as Amazon and Microsoft. Other tech companies such as Meta Platforms Inc., Twitter Inc. and Amazon.com Inc. have also undergone significant layoffs in recent times.

 

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