Google CEO Pichai says firm will sluggish hiring via 2023 in memo to workers

Google CEO Pichai says company will slow hiring through 2023 in memo to employees - CNBC

LOS ANGELES, CALIFORNIA – JUNE 09: Google CEO Sundar Pichai speaks at a panel on the CEO Summit of the Americas hosted by the U.S. Chamber of Commerce on June 09, 2022 in Los Angeles, California. The CEO Summit entered its second day of occasions with a proper signing for the “Worldwide Coalition to Join Marine Protected Areas” and a speech from U.S. President Joe Biden. (Picture by Anna Moneymaker/Getty Photographs)

Anna Moneymaker | Getty Photographs Information | Getty Photographs

Google dad or mum Alphabet will sluggish the tempo of hiring and investments via 2023, CEO Sundar Pichai mentioned in an electronic mail to workers on Tuesday.

“Like all corporations, we’re not resistant to financial headwinds,” Pichai wrote within the memo, which was seen by CNBC. “We should be extra entrepreneurial working with better urgency, sharper focus, and extra starvation than we’ve proven on sunnier days.”

He began by acknowledging that “the unsure world financial outlook has been high of thoughts.”

Alphabet shares are down 21% thus far this 12 months, falling alongside the remainder of the tech business as traders rotate out of the shares that drove the bull market of the previous decade. The corporate missed analyst estimates for the primary quarter, and Chief Monetary Officer Ruth Porat warned one other tough interval may very well be forward. 

Progress within the first quarter slowed to 23% from a 12 months earlier, down from 34% progress within the first three months of 2021, when the financial system was reopening from the pandemic. Nonetheless, Pichai mentioned within the letter that the corporate has employed 10,000 workers within the second quarter.

“Due to the hiring progress achieved thus far this 12 months, we’ll be slowing the tempo of hiring for the remainder of the 12 months, whereas nonetheless supporting our most vital alternatives,” he wrote. “For the steadiness of 2022 and 2023, the corporate will concentrate on hiring on engineering, technical and different vital roles.”

A Google spokesperson declined to remark.

Google, which has traditionally invested closely in analysis and growth, may also be extra specific about the place it spends cash throughout this era of financial uncertainty.

“In some instances, meaning consolidating the place investments overlap and streamlining processes,” Pichai wrote. In different situations, it should imply “pausing growth and re-deploying sources to increased precedence areas,” he mentioned.


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