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Sept. 25, 2022, 10:45 p.m. EDT

Google Stock Didn't Move After a Staff Meeting Revealed Negative Sentiment on Budget Cuts.

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Sep 25, 2022 (PressReach.com via COMTEX) -- According to CNBC’s reporting, Google stock remained stagnant after CEO Sundar Pichai had to negotiate some negative sentiments during a staff meeting this week. It focused mainly on complex worker issues regarding cost reduction and productivity management.

Pichai had indicated earlier that he sought to make Google 20% more productive. He also assumed that he thought product-line innovation would not be enough and that macro conditions might call for job layoffs. In addition, the corporation decided to limit travel to just “business important” excursions.

According to CNBC, which cited audio from an employee meeting, this led to some uncomfortable questioning and a suggestion of anger from Pichai. For many workers, this represents a significant change for a corporation that had been free-spending during the rising business cycle of the technology industry. As a result, Google stock remained unchanged.

Pichai responded by saying, “How do I say it? I just want to ensure that everyone here keeps up with current events by reading the news. I believe it is essential that, as Alphabet ( NASDAQ:GOOG ) (NASDAQ:GOOGL), we pull together to get through times like this. The fact that you know, we are being a bit more responsible during one of the most challenging macroeconomic conditions that have been going on in the past decade. I think it is essential that we pull together to get through times like this.

According to the story, Pichai stated that Google’s culture may still be fun even if some benefits and swag are accessible to employees at a reduced rate.

He stated, “I recall when Google was still a young and nascent company.” “Having fun does not always require spending money, and we shouldn’t always make that association. I believe that you may come into a hard-working business, and people may be having fun and that having fun shouldn’t always correlate to money.”

Competitor of Google stock, Meta Platforms, is working on developing its own strategies to reduce expenditures by at least 10 percent over the next several months.

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COMTEX_415270363/2810/2022-09-25T22:45:22

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