Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Investors Business Daily
Investors Business Daily

Google Layoffs Hit Fitbit Co-Founders As Cost-Cutting Continues

Google-parent Alphabet late Wednesday laid off hundreds of workers, as cost-cutting continues at the internet giant, according to reports. The company has not announced when it will report fourth quarter earnings for GOOGL stock.

The layoffs impacted both hardware and software units, the reports said. A Google spokesperson told the Wall Street Journal that it's "responsibly investing in our company's biggest priorities and the significant opportunities ahead."

The co-founders of Fitbit, James Park and Eric Friedman, will also be leaving Google as part of the reorganization, Google said.

Google acquired smartwatch maker Fitbit in January 2022 for $2.1 billion.

GOOGL Stock: Digital Ad Business Next?

In December, other reports said Google plans to reorganize its digital advertising business amid stepped up efforts to integrate artificial intelligence into automated platforms.

Alphabet cut 12,000 jobs, or about 6% of staff, in its largest-ever layoffs almost a year ago. The company had over 182,000 employees as of Sept. 30, the WSJ report said.

As of Thursday afternoon on the stock market today, GOOGL stock was down a fraction to 141.78. Google stock has gained 2.5% in 2024 after jumping 58% last year.

Also, Google stock holds an entry point of 139.42 and trades within a 5% buy zone, according to IBD Marketsmith analysis.

Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.