 Google to lay off 12,000 people

Google to lay off 12,000 people - Check out in detail

Sundar Pichai, Google’s CEO, said in an email sent to the company’s staff that the firm will lay off 12,000 employees.

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It comes after Amazon and Microsoft laid off a combined 28,000 people.

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The web search and video sharing giant will offer U.S.-based employees 16 weeks of severance pay plus two weeks for each additional year

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Google shares closed up more than 5% after the news.

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Tech companies are facing a variety of challenges at the moment, not least rising interest rates and inflation over the past year

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Hikes to interest rates from the U.S. Federal Reserve in particular have led to souring appetite for American tech shares.

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