Alphabet (NASDAQ:GOOG, GOOGL) is announcing layoffs today as Verily prepares for a restructure.
According to Verily CEO Stephen Gillett, the company will lay off 15% of its workforce. That will result in roughly 240 people losing their jobs at the health sciences company owned by Alphabet.
As for the reason behind these layoffs, Gillett notes that Verily is trying to gain financial independence from Alphabet. To go along with the layoffs, Verily also told employees they could work remotely for the rest of the week as offices will be closed.
Employees affected by the layoffs will be notified by email. The note from Gillet points out that these job cuts come as the company prepares to reduce or “sunset” certain parts of its business. Affected employees will receive severance and outplacement services.
Google Finally Affected By Layoffs
Investors will note that Alphabet has been holding out when it comes to layoffs. Several other tech companies have had to reduce workers in light of recent economics. Increasing inflation and rising interest rates, as well as lessened consumer spending, are affecting these companies.
Both GOOG and GOOGL stocks are largely unaffected by today’s layoff news as of Thursday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.