Google CEO Sundar Pichai told employees Wednesday (April 15) that the tech giant will slow down its pace of hiring for the remainder of 2020, as the company deals with the economic downturn spurred by the coronavirus pandemic.
The announcement comes as the effects of the coronavirus crisis ripple across the economy. The tech industry, with giant corporations that have at times been valued at over $1 trillion, has not been shielded from financial woes. Google and Facebook could face advertising slumps this quarter, as travel and entertainment ads disappear while millions of people shelter in place.
"Just like the 2008 financial crisis, the entire global economy is hurting, and Google and Alphabet are not immune to the effects of this global pandemic," Pichai wrote in a memo to staff. "We exist in an ecosystem of partnerships and interconnected businesses, many of whom are feeling significant pain."
Pichai said the company had hired 20,000 people in 2019, but will "dial back" plans this year in areas that aren't critical to the company's success.
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