Skip to content

Google to slowdown hiring citing the company’s not immune to headwinds

Google to slowdown hiring citing the company's not immune to headwinds
Dino Kurbegovic

Google (NASDAQ: GOOGL) is the latest tech company to pull back on hiring new employees or trimming staff altogether. In an email dated July 12, Sundar Pichai, Chief Executive Officer (CEO) told employees that the company will be pausing developments and re-deploying assets to high-priority areas. 

Pichai also claimed that Google is “not immune to economic headwinds”, so the slow down in hiring seems only logical. This move comes as the tech giant added roughly 10,000 new employees during the second quarter of 2022, with more possibly coming on board to start this quarter.

Other tech companies were earlier to the “new hires cutting” party as rising interest rates and recession risks increased; the tech companies performed their ‘adjustments’ to the workforce or simply scaled back the plans for adding new employees. 

GOOGL chart and analysis  

GOOGL shares are well off from their historic 5-year high price to earnings (P/E) ratio of 64.82, with the current P/E at ‘just’ 20.78. Yet, it would be difficult to characterize the shares as cheap, though they have declined over 21% year-to-date (YTD).

In the last trading session, the price closed at $2,296.99, with potential support zones between $2,242.21 and $2,274.16 levels, while the range of likely resistance levels could be between $2,387.07 and $2,403.07.

GOOGL 20-50-200 SMA lines chart. Source. Finviz.com data. See more stocks here.

Moreover, analysts rate the shares a strong buy, with the average price prediction in the next 12 months at $3,090.23, 35.51% higher than the current trading price of $2,280.41.

Wall Street analysts’ price targets for GOOGL. Source: TipRanks  

As investors await the latest figures on retail inflation, it only makes sense that tech companies are hunkering down and slowing employment until they see how far inflation and rates will go. 

Focusing on critical roles might help Google drive focus and creativity, which, in turn, can help the company grow and shareholders prosper. 

Buy stocks now with Interactive Broker – the most advanced investment platform


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.