Google is cutting its marketing budget and implementing a hiring freeze, according to CNBC.
Four details:
1. Internal emails provided to CNBC showed that Google is cutting its marketing budget potentially in half for the second half of the year.
2. The company also notified employees that there would be a hiring freeze for both contract and full time employees, and the company continues to re-evaluate where it will invest in marketing for the rest of the year.
3. Google spent $18.46 billion on sales and marketing last year, and had planned to increase its marketing spending in 2020 before the pandemic.
4. The budget reductions include spending on promotional campaigns as well as employee compensation.