In a move that has shocked the tech world, Google parent company Alphabet Inc. announced today that it will cut 12,000 jobs globally. This move comes as tech industry layoffs surge in the wake of the economic downturn caused by the COVID-19 pandemic.

In a memo sent to staff, CEO Sundar Pichai explained that the layoffs will affect both Alphabet and Google employees, and that the company is making the cuts in order to reduce costs and ensure long-term success. Pichai also stated that the company will offer generous severance packages and support to those affected.

The news has sent shockwaves through the tech industry, and Alphabet’s stock has dropped in response to the announcement. Analysts at The Motley Fool have stated that the layoffs could have a long-term effect on Alphabet’s stock performance, as the company looks to reduce costs and restructure its workforce.

The layoffs are expected to take place over the coming months, and Google has stated that it will provide additional support to those affected. It remains to be seen how the tech industry will respond to the news, and how Alphabet’s stock will be affected in the long run.