Google is slashing marketing budget up to 50% in second half of year [MarketWatch]
Alphabet Inc. - Class C Capital Stock (GOOG)
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Source: MarketWatch
Alphabet Inc.'s Google is slashing its marketing budget by as much as half in the second half of the year, and has imposed a hiring freeze for full-time and contract employees, according to a CNBC report on Thursday. A company spokesperson told MarketWatch that the company is "re-evaluating the pace of our investment plans for the remainder of 2020 and will focus on a select number of important marketing efforts." Last week, Alphabet Chief Executive Sundar Pichai said Google would reduce spending the rest of the year amid the COVID-19 crisis, starting with hiring. The company is scheduled to report fiscal first-quarter results on April 28 amid a steep downturn in advertising sales, a staple of its revenue.
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