Alphabet (GOOGL), the parent company of online search giant Google, says it will slow hiring
and investments through 2023 due to deteriorating market conditions.
In an email to employees, Alphabet chief executive officer (CEO) Sundar Pichai said: “Like all
companies, we’re not immune to economic headwinds.” Pichai noted that the company hired
10,000 employees in this year’s second quarter.
“For the balance of 2022 and 2023, the company will focus on hiring engineering, technical and
other critical roles,” wrote Pichai in the email.
The hiring freeze comes after Alphabet reported that its growth in the first quarter of this year
slowed to 23%, down from 34% growth in the first quarter of 2021, when the economy was
reopening from the COVID-19 pandemic.
Google will also be more selective about where it spends money between now and the end of
next year and redeploy resources to high priority areas, said Pichai.
Alphabet’s stock is scheduled to split on a 20-for-1 basis this Friday (July 15). So far this year,
the company’s stock has fallen 21% to trade at $2,280.41 U.S. per share.
