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San Francisco – AB
As part of a plan to cut costs, Google has temporarily halted construction of a major site in San Jose in Silicon Valley, CNBC reported Friday.
And the “Alphabet” group, owned by Google, announced earlier this year that it would cut about 12,000 jobs worldwide, justifying this with the challenging economic reality.
And “Alphabet” posted lower-than-expected revenue and profit in the final three months of last year, while tough economic conditions caused a slump in its advertising business.
A site in San Jose has been cleared for the Downtown West project, with construction set to begin by the end of the year, CNBC reports.
The project was temporarily suspended without notifying contractors of a resumption date, the unnamed people said.
The 80-acre (32 ha) site includes offices, residential units and public gardens, CNBC reported.
The cut in Alphabet’s budget follows a huge hiring spree at the height of the Covid-19 pandemic by internet companies scrambling to meet growing demand for their services during lockdowns.
On the other hand, Google’s search engine has come under pressure with the arrival of Microsoft’s Generative Chat GPT program, which interacts with humans and can generate all kinds of text on demand.