Google has started cutting cuts in its wage mapping service, impacting operations in India as well. As per a media report, the tech giant has planned to notify advertisers and partners about this development on Wednesday. Although the exact number of job reductions was not disclosed in the email, the report suggests that the Waze unit currently employs more than 500 individuals. It is worth mentioning that Google acquired Waze in 2013 for approximately $1.3 billion.
Google has more staff and salary
As concerns of a global economic downturn loom, IT companies worldwide are facing increasing pressure to undergo restructuring. According to a report in The Guardian, billionaire businessman Sir Christopher Hone, a hedge fund investor in Google's parent company Alphabet, has written to the company expressing concerns about the overpayment of Google and YouTube employees and suggesting workforce reductions.
Storm of retrenchment in the IT industry
- Meta - 11k (13%)
- Twitter - 3.7k (50%)
- Robinhood - 30%
- Stripe, Lyft - 13%
- Intel - 20%
- Salesforce - 2k
- Amazon - 10k
- Snap - 20%
- Netflix - 450
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Amidst the economic slowdown and challenges in revenue generation, Silicon Valley companies have initiated cost-cutting measures, leading to employee layoffs. Furthermore, UBS Group, one of the world's largest banks, recently acquired Credit Suisse and is reportedly planning to eliminate 35,000 positions as part of their restructuring efforts.
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