Alphabet stock pares gains on buyout offers to search and ads employees
Investing.com -- Shares of Google parent Alphabet (NASDAQ:GOOGL) pared earlier gains on Tuesday after reports emerged that the tech giant is offering voluntary buyouts to employees in its search and ads division.
According to The Information, Google is extending buyout offers to staff in its knowledge and information organization, which encompasses the company's core search business and much of its advertising operations. Nick Fox, who leads the knowledge group, reportedly informed employees via email that the buyouts would target U.S.-based workers.
"Earlier this year, some of our teams introduced a voluntary exit program with severance for U.S.-based Googlers, and several more are now offering the program to support our important work ahead," a Google spokesperson confirmed.
The buyout program comes as Google faces mounting competitive pressure from AI systems like ChatGPT and follows a significant setback in a U.S. antitrust case that could potentially restrict the company's ability to distribute its search product.
Industry observers note that voluntary buyouts sometimes precede more extensive workforce reductions, raising questions about Google's future staffing plans.
Alphabet shares briefly turned negative following the news but recovered to trade up 0.9%, significantly below earlier gains of 2%.
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