Google Laid Off 12,000 Employees In 2023: Here’s How Much It Had To Spend On Them – News18

Google spent $2.1 billion on severance and different bills because it laid off greater than 12,000 workers final 12 months. The firm will spend one other $700 million on worker severance costs for the primary quarter of this 12 months.

Alphabet (the dad or mum firm of Google) posted revenues of $307 billion for the total 12 months 2023, up 9 per cent in comparison with 2022.

“We ended with a strong fourth quarter (quarter ended December 31) with consolidated revenues of $86.3 billion, up 13 per cent versus last year in both reported and constant currency. Search remained the largest contributor to revenue growth,” stated Ruth Porat, Chief Financial Officer.

At this level within the quarter, the corporate estimates that severance-related bills might be roughly $700 million within the first quarter “as we’ve continued these efforts”.

“We will continue to invest in top engineering. So that’s sort of the big one, if you start with product prioritization and organizational design, which is why also the note about the severance-related expense, which helps pave the way as we’re continuing to do the work that we’re doing,” Porat instructed analysts throughout the earnings name late on Tuesday.

Within Google Services, revenues had been $76.3 billion, up 12 per cent. Google Search and different promoting revenues of $48 billion within the quarter had been up 13 per cent, led once more by progress in retail. YouTube promoting revenues of $9.2 billion had been up 16 per cent, pushed by each direct response and model promoting, stated the corporate.

“Subscriptions are growing strongly, powered by YouTube Premium and Music, YouTube TV, and Google One. Three, Cloud, which crossed $9 billion in revenues this quarter and saw accelerated growth, driven by our gen AI and product leadership,” stated Sundar Pichai, Alphabet and Google CEO.

“We have long led the way in using AI to improve many of our products from search to ads to most of our consumer and enterprise products, helping billions of people already,” he added.

(This story has been edited by News18 employees and is revealed from a syndicated news company feed – IANS)