Google to Slash Marketing Budgets by Up to Half, Freeze Hiring: Report [TheStreet.com]
Alphabet Inc. - Class C Capital Stock (GOOG)
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Source: TheStreet.com
Google is gutting its marketing divisions as part of a broader effort to curb expenses, according tointernal memosThe search and ad giant is planning to cut marketing budgets by as much as half, according to the memos. The budget cuts will take effect in the second half of this year, and also include a hiring freeze for full-time and contract employees.Google shares fell 1.9% in after-hours trading after closing at $1,271.17 on Thursday."We continue to have a robust marketing budget, particularly in digital, in many business areas,” a Google spokesperson told CNBC.Last week, Google CEO Sundar Pichai told employees in a company-wide email that it is taking a number of measures to stem the impact of COVID-19 on the business.Google is “recalibrating the focus and pace of our investments in areas like data centers and machines, and non business essential marketing and travel,” the email said.Pichai's email also said that Google will "take a more critical look at the pace of hiring" for th
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