Alphabet Joins the Tech Layoffs: What it Means for the Stock
The period between 2020 and 2021 delivered astronomical growth for technology companies, as the economy adapted to a new world born from the COVID-19 pandemic.
Organizations needed more software and more devices to facilitate remote work, and consumers in general were spending more time in front of screens which led to a boom in the digital advertising sector. Those tailwinds fell right into the lap of Google parent Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG).
But that picture is very different now. The U.S. economy began to wobble in 2022 as inflation and interest rates spiked, caused in-part by a return to normal societal conditions. The tech sector alone was responsible for 154,000 job cuts last year as it raced to adjust to this new reality.
Source Fool.com
