Google's parent company, Alphabet, has become the latest tech company to restructure its workforce by laying off 12,000 workers.
Like many other tech companies, Alphabet experienced a COVID-19-era hiring boom.
"Over the past two years we've seen periods of dramatic growth," Alphabet and Google CEO Sundar Pichai said in a Jan. 20 letter to employees. "To match and fuel that growth, we hired for a different economic reality than the one we face today."
The company is focused on its investments in artificial intelligence. Alphabet is offering six months of healthcare, job placement services and immigration support to the workers it laid off, along with 16 weeks' salary plus two weeks for every additional year at Google and accelerated stock vesting.