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Evercore ISI Senior Managing Director Mark Mahaney at ‘Varney & Co.’ It offers high-tech picks and investment strategies in an inflation-driven market.
Google CEO Sundar Pichai is looking to make the tech giant more efficient with fewer resources amid uncertainty in the current macroeconomic environment.
“As a company, when you have fewer resources than before, we want to make sure that you’re prioritizing all the right things and that your employees are really productive,” Pichai said at the Vox Media Code conference on Tuesday. “So we’re wasting our time.”
Sundar Pichai speaks on stage at the Vox Media 2022 Code Conference — Day 1 on September 6, 2022 in Beverly Hills, Calif. (Photo by Jerrod Harris/Getty Images for Vox Media) ((Photo by Jerrod Harris/Getty Images for Vox Media) / Getty Images)
Pichai emphasized that Google was “slow” in making decisions as its headcount swelled.
“Sometimes there are areas that need improvement. [where] You have three people making decisions, understand that reducing it to two or one will improve efficiency by 20%.
Google 6 event to release smartwatches, Pixel 7 phones in October
In July, Pichai sent an email to employees that the maker of Pixel cell phones will slow its hiring pace for the next 2022.
At that time, Pichai’s recruitment efforts will be focused on engineering, technical and other critical roles. He noted that the company hired nearly 10,000 workers in the second quarter alone and had “strong commitment” from the third quarter.
| Ticker | Security | last one | Change | change % |
|---|---|---|---|---|
| ALPHABET INC. | 106.81 | -1.04 | -0.96% | |
In the second quarter, Google’s net income was $16 billion, down from $18.5 billion in the same period a year ago. Revenue rose 13 percent to $69.7 billion compared to the same period last year.
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Last week, Snapchat app maker Snap cut 20 percent of its workforce following a decline in revenue in its latest quarter.
The Snapchat messaging app will appear on the phone screen on August 3, 2017. (Reuters/Thomas White/File Photo/Reuters)
| Ticker | Security | last one | Change | change % |
|---|---|---|---|---|
| SNAP | SNAP INC. | 10.77 | -0.45 | -4.01% |
| MSFT | MICROSOFT CORP. | 253.25 | -2.81 | -1.10% |
| META | META PLATFORMS INC. | 158.54 | -1.78 | -1.11% |
| TWTR | Twitter Inc. | 38.65 | +0.02 | +0.05% |
Meanwhile, Apple said it would slow job growth through 2023, Microsoft cut “some jobs” as part of a “strategic realignment” in July, and Facebook parent MetaPlatforms froze and Twitter cut more hires in May.
Apple has unveiled the iPhone, Apple Watch, and AirPods at a ‘remote’ product event
| Ticker | Security | last one | Change | change % |
|---|---|---|---|---|
| Wmt | WALMART INC. | 132.34 | -0.66 | -0.50% |
| ORCL | ORACLE CORP. | 73.83 | -0.85 | -1.14% |
| Spot | Spotify Technologies S.A | 102.59 | -1.83 | -1.75% |
| TSLA | TESLA INC. | 274.42 | +4.21 | + 1.56% |
| NFLX | NETFLIX INC. | 218.39 | -7.72 | -3.41% |
| Peyton | Peloton Interactive Inc. | 8.95 | +0.26 | +2.93% |
Other companies that have laid off workers or frozen or paused include Walmart, Oracle, Spotify, Tesla, Netflix and Peloton.
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