News

Google Employees Push Back Against Cost Crackdown, Alleging “Nickel And Diming” From CEO

S&P 500

3,667.69

-90.30(-2.40%)

 

Dow 30

29,407.94

-668.74(-2.22%)

 

Nasdaq

10,790.33

-276.48(-2.50%)

 

Russell 2000

1,658.78

-63.53(-3.69%)

 

Crude Oil

78.72

-4.77(-5.71%)

 

Gold

1,650.40

-30.70(-1.83%)

 

Silver

18.82

-0.80(-4.09%)

 

EUR/USD

0.9685

-0.0152(-1.55%)

 

10-Yr Bond

3.6990

-0.0090(-0.24%)

 

GBP/USD

1.0860

-0.0395(-3.51%)

 

USD/JPY

143.3330

+0.9980(+0.70%)

 

BTC-USD

18,738.34

-478.96(-2.49%)

 

CMC Crypto 200

430.22

-14.31(-3.22%)

 

FTSE 100

7,018.60

-140.92(-1.97%)

 

Nikkei 225

27,153.83

-159.30(-0.58%)

 

At a companywide all-hands meeting this week, Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) chief Sundar Pichai juggled tough questions from employees regarding cuts to travel and entertainment budgets, managing productivity, and potential layoffs.

Employees questioned why Google is “nickel-and-diming employees” by cutting travel and swag budgets despite record profits and substantial cash reserves as it did after the pandemic. Pichai emphasized acting responsibly to tide through such critical situations, CNBC reports.

In July, Alphabet reported its second consecutive quarter of weaker-than-expected earnings and revenue. Third-quarter sales growth will likely dip into the single digits.

Also Read:Google Boosts Pay, Revamps Employee Promotions To Ease Tensions: CNBC

Pichai blamed an expanding bureaucracy at Google apart from the slowdown for the challenges.

Still, he sometimes sounded annoyed in the meeting and reminded staffers, “We don’t get to choose the macroeconomic conditions always.”

Google had canceled product launches and project budgets to tide through the slowdown and sought employee productivity suggestions.

Pichai did not elaborate on job cuts, and he also did not deny it.

Pichai dodged employee questions asking about cost-cutting executive compensation.

He told the employees not to correlate fun with money. They can still enjoy and party while keeping things small and informal.

Pichai disagreed with the characterization of shifting from “rapidly hiring and spending to equally aggressive cost saving.”

Pichai acknowledged “still investing in long-term projects like quantum computing” and said that at times of uncertainty, it’s essential “to be smart, to be frugal, to be scrappy, to be more efficient.”

Pichai also acknowledged the challenges of traveling to the office, offering more discretion to the teams.

Price Action: GOOG shares traded lower by 1.24% at $99.30 on the last check Friday.

Photo Via Company

See more from Benzinga

Google’s Study Claims Russia Resorting To Cyberattacks Against Ukraine

A Bill Is Underway To Compel Google, Facebook And Other Tech Platforms To Share Revenue With Media Organizations

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Motley Fool

Better Buy: Alphabet vs. Microsoft

Now that these companies are direct competitors more than ever, which stock can better serve investors?

The Wall Street Journal

Microsoft’s Real Game With Activision

If Microsoft wants to make investors some real money, here’s an idea: It should openly promise to keep “Call of Duty” on the PlayStation forever.

TheStreet.com

The Performance Difference Between Large and Small-Caps Should Concern Investors

Smaller stocks were hit harder than larger names. With the S&P 500 down 0.84%, the Russell 2000 (down 2.26%) and Russell Microcap (down 2.08%) took the brunt of the damage. This can create intense selling pressure among the smaller names, driving these stocks into the ground, and for those with a very strong stomach, creating bargain opportunities.

Benzinga

Why Warren Buffett Doesn’t Buy Real Estate And Most Other Investors Shouldn’t Either

Warren Buffett’s long-term investment strategy has proven to be successful through virtually all market conditions over the past several decades – recession, high inflation and deflation. If there’s one thing that’s made Buffett one of the most successful investors in history, it’s his commitment to his strategy. A countless number of new investment techniques and algorithms have come and gone over the years, but Buffett has maintained his relatively simple strategy of picking solid companies an

Reuters

Mexico president reaches agreement with companies to maintain basic food prices

MEXICO CITY (Reuters) -Mexican President Andres Manuel Lopez Obrador said on Friday he had reached an agreement with companies to maintain prices of basic food items, as inflation continues to tick up. It was a unanimous decision, he said during a regular news conference, without confirming the final number of companies involved but noting that they included producers and distributors of corn, chicken, eggs and beef. The president said earlier this week that 20 companies would take part in the meeting and would target 24 basic food items.

Reuters

FedEx grilled on cost-cut plan after profits slide

(Reuters) -FedEx Corp outlined cost cuts of up to $2.7 billion after falling demand hammered first-quarter profits, but analysts grilled company executives with questions in an earnings call about whether steps such as parking planes and shuttering some offices were too little too late. The company reported that earnings per share fell 21.3% for the quarter ended Aug. 31, in line with the warning it delivered last week. Analysts and investors were skeptical – in large part because revenue increased 5.5%.

Motley Fool

Costco Just Raised the Risk of Recession

Despite strong sales, signs of price pressures even at the warehouse retail giant point to difficulties across the economy.

American City Business Journals

PulteGroup CEO Ryan Marshall: Tough decisions don’t get easier with time

As president and CEO of PulteGroup Inc. since 2016, Ryan Marshall oversees the publicly traded homebuilder that operates in 26 states. Atlanta Business Chronicle named Marshall one of its 2022 Most Admired CEOs. When did you feel your sense of purpose begin to truly emerge, and how did that influence your career choices?

CoinDesk

Marathon Digital Downgraded on Headwinds From Compute North’s Bankruptcy

Global financial services firm BTIG’s Gregory Lewis has downgraded bitcoin miner Marathon Digital’s stock from “buy” to “neutral” following headwinds from Compute North’s bankruptcy filing. “The Hash” hosts discuss what this means for Marathon Digital and the state of bitcoin mining.

Zacks

Should You Add NMI Holdings (NMIH) Stock to Your Kitty Now?

An improving mortgage insurance portfolio, higher new insurance written volume, a comprehensive reinsurance program, solid capital position, effective capital deployment well poise NMI Holdings (NMIH) for growth.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top