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Tag: CNBC

  • Amazon Commits $1 Billion a Year for Theatrical Releases

    Amazon Commits $1 Billion a Year for Theatrical Releases

    The movie industry received good news Wednesday, with Amazon committing more than $1 billion a year for theatrical releases.

    The movie industry has had a rough couple of years as the pandemic took a toll on in-person attendance. Amazon is deeply entrenched in the industry — for an internet company — thanks to its Prime Video service and its MGM studio acquisition.

    According to a report by Bloomberg, Amazon plans to make 12 to 15 movies a year for theatrical release. The combined budget will be more than $1 billion.

    The news led to a significant boost to cinema stocks, according to CNBC.

  • Bob Chapek Is Out and Bob Iger Is Back In As Disney CEO

    Bob Chapek Is Out and Bob Iger Is Back In As Disney CEO

    Disney made waves late Sunday, announcing the ouster of CEO Bob Chapek and the return of Bob Iger in the role for two years.

    Chapek replaced Iger as Disney CEO when the latter retired, but Disney has faced multiple headwinds impacting its profitability. In the midst of increasing doubt in his leadership, the company decided to go with Iger, calling him out of retirement for a two-year contract.

    One of Iger’s main mandates will be to lower cost and improve profitability, both of which have become big issues in recent quarters. Disney+, in particular, has been a big drain on the company’s financial results, accounting for $1.5 billion in losses in the most recent quarter. That was up from $0.8 billion the previous quarter.

    Iger’s mandate will also include finding and grooming a suitable replacement for him, one that will carry on once his two-year term is up.

    Below is a full copy of Iger’s email to employees, obtained by CNBC.

    Dear Fellow Employees and Cast Members,

    It is with an incredible sense of gratitude and humility—and, I must admit, a bit of amazement—that I write to you this evening with the news that I am returning to The Walt Disney Company as Chief Executive Officer.

    When I look at the creative success of our teams across our Studios, Disney General Entertainment, ESPN and International, the rapid growth of our streaming services, the phenomenal reimagining and rebound of our Parks, the continued great work of ABC News, and so many other achievements across our businesses, I am in awe of your accomplishments and I am excited to embark with you on many new endeavors.

    I know this company has asked so much of you during the past three years, and these times certainly remain quite challenging, but as you have heard me say before, I am an optimist, and if I learned one thing from my years at Disney, it is that even in the face of uncertainty—perhaps especially in the face of uncertainty—our employees and Cast Members achieve the impossible.

    *You will be hearing more from me and your leaders tomorrow and in the weeks ahead. In the meantime, allow me to express my deep gratitude for all that you do. Disney holds a special place in the hearts of people around the globe thanks to you, and your dedication to this company and its mission to bring joy to people through great storytelling is an inspiration to me every single day. *

    Bob Iger

  • UK Blocks Chinese Takeover of Its Largest Semiconductor Plant

    UK Blocks Chinese Takeover of Its Largest Semiconductor Plant

    The UK government is ordering a Dutch company to divest itself of a Welsh semiconductor plant over national security concerns revolving around China.

    Dutch company Nexperia is owned by Wingtech, a Chinese company that is partially state-backed, according to CNBC. Nexperia, in turn, owns Welsh semiconductor firm Newport Wafer Fab. Nexperia owned a mere 10% stake in Newport Wafer Fab prior to July 2021 but ended up purchasing the remaining shares then, making it the sole owner of the Welsh company.

    The UK government is concerned about the deal because of Nexperia’s ties to China. Chinese tech companies have increasingly come under scrutiny over concerns about their potential role in spying and surveillance. Under Chinese law, all companies are required to cooperate with Beijing’s surveillance efforts. Some companies, especially those with very close ties to Beijing, like Huawei, have already been blacklisted around the world over these concerns.

    Given the importance of semiconductors, the UK government is taking no chances with Newport Wafer Fab’s ownership.

    “The order has the effect of requiring Nexperia BV to sell at least 86% of NNL within a specified period and by following a specified process,” the UK’s Department for Business, Energy and Industrial Strategy said in a statement.

    “We welcome foreign trade & investment that supports growth and jobs,” Grant Shapps, minister for business, energy and industrial strategy, tweeted Wednesday. “But where we identify a risk to national security we will act decisively.”

  • Elizabeth Holmes Handed an 11-Year Prison Sentence

    Elizabeth Holmes, founder and former CEO of Theranos, has been sentenced to more than 11 years in prison.

    Holmes was found guilty of fraud over her role in her company’s unsubstantiated claims. The case gained widespread attention, with some critics afraid it would establish a precedent of company founders being prosecuted any time their companies fail to deliver.

    Prosecutors were seeking a 15-year sentence, along with $800 million in restitution. In contrast, Holmes’ attorneys argued that she should be sentenced to a maximum of 18 months. According to CNBC, however, U.S. District Court Judge Edward Davila sentenced the former exec to 135 months.

    “I loved Theranos. It was my life’s work,” Holmes said. “My team meant the world to me. I am devastated by my failings. I’m so so sorry. I gave everything I had to build my company.”

  • Apple Plans to Purchase Chips From TSMC’s Arizona Plant

    Apple Plans to Purchase Chips From TSMC’s Arizona Plant

    Apple CEO Tim Cook has reportedly said the company will purchase chips from a plant in Arizona, a major step toward supply chain diversification.

    Apple relies on TSMC exclusively for the manufacture of its custom silicon. While Apple has relied on TSMC for its iPhone and iPad chips for years, the company announced its plans to transition its entire Mac lineup to its own custom silicon, chips TSMC continues to manufacture.

    According to Bloomberg, Cook has said Apple will source chips from TSMC’s new factory:

    “We’ve already made a decision to be buying out of a plant in Arizona, and this plant in Arizona starts up in ’24, so we’ve got about two years ahead of us on that one, maybe a little less,” Cook said.

    As CNBC points out, TSMC recently announced it was going to establish a second factory in Arizona to meet “strong customer demand.”

    Given the importance of TSMC’s role in Apple’s products, it’s not surprising Apple would be moving to source chips from the US plant. Taiwan is in a precarious position, with the threat of invasion by China.

    Apple is not the only company looking to diversify its supply lines away from Taiwan. MediaTek recently signaled it would be open to moving some manufacturing away from the island.

  • VC Firm Wants to Invest $100,000 in Firms With Laid-Off Founders

    VC Firm Wants to Invest $100,000 in Firms With Laid-Off Founders

    Day One Ventures is looking to invest in companies with laid-off founders, in an effort to benefit from their experience.

    The tech industry is going through quite a bit of upheaval, with companies throughout the industry implementing hiring freezes and layoffs. Some companies, such as Meta, are engaging in the biggest layoffs in their history.

    Day One Ventures wants to help some of those laid-off employees land on their feet, while benefiting from their previous experience. According to CNBC, the company has committed to making $100,000 investments in 20 startups with at least one founding member having been laid off from a tech company.

    “VC investors are sitting on billions of dollars, and now we have thousands of talented people in engineering, salespeople, support staff and other functions looking for new job opportunities — so why not direct some of this money towards them?” founder Masha Bucher, who has been laid off twice herself, told CNBC.

    “Being laid off was the best thing that ever happened to me,” she says, calling the experience a “wake-up call” that led to full-time entrepreneurship.

    Startups that qualify for the firm’s “Funded, Not Fired” program can apply here.

  • Biden Administration Wants Research Into Reflecting the Sun’s Rays

    Biden Administration Wants Research Into Reflecting the Sun’s Rays

    The Biden administration is continuing its efforts to combat climate change, announcing a study into reflecting the Sun’s rays.

    Climate scientists have been sounding the alarm about climate change, warning that drastic measures must be taken in order to prevent a catastrophic rise in temperatures. If the rise isn’t halted, sea levels will submerge coastal cities and towns, devastate some island nations, and drastically redraw the maps.

    One increasingly popular solution is to find a way to reflect some of the Sun’s rays, thereby reducing some of the heat that reaches the Earth. As Popular Mechanics points out, the scientific theory behind the idea is based on naturally occurring events. Volcanoes have long had a cooling impact on the Earth, thanks to the tons of ash spewed into the atmosphere, ash that blocks some of the Sun’s rays.

    The Biden administration wants “scientific assessment of solar and other rapid climate interventions in the context of near-term climate risks and hazards.”

    Scientists are already applauding the research.

    “Sunlight reflection has the potential to safeguard the livelihoods of billions of people, and it’s a sign of the White House’s leadership that they’re advancing the research so that any future decisions can be rooted in science not geopolitical brinkmanship,” Chris Sacca, the founder of climate tech investment fund Lowercarbon Capital, told CNBC.

  • Honda and LG Energy to Build $4.4 Billion EV Battery Plant in Ohio

    Honda and LG Energy to Build $4.4 Billion EV Battery Plant in Ohio

    Honda and LG Energy are partnering on an electric vehicle (EV) battery plant, with plans to build it in Ohio.

    Automakers are racing to speed up the transition to EVs, but that transition requires a massive increase in battery production. According to CNBC, Honda and LG Energy have formed a joint venture to build a $4.4 billion EV battery plant in Ohio.

    The two companies will begin construction in 2023, with plans for full-scale production in late 2025.

    Honda also plans to spend some $700 to retool some of its existing factories to produce EVs. The company plans to produce EVs in North America as early as 2026.

  • Apple Will Reportedly Launch a Foldable iPad in 2024

    Apple Will Reportedly Launch a Foldable iPad in 2024

    After years of rumors and hopes, it appears Apple may be planning to release a foldable device in 2024.

    Foldable phones are widely considered to be the next big thing in mobile design. Samsung has been the market leader, although many have been waiting for Apple to release its own foldable. According to CNBC, CCS Insight published a report predicting that Apple’s first foldable will be an iPad, not an iPhone.

    “Right now it doesn’t make sense for Apple to make a foldable iPhone. We think they will shun that trend and probably dip a toe in the water with a foldable iPad,” Ben Wood, CCS Insight Chief of Research, told CNBC in an interview.

    “A folding iPhone will be super high risk for Apple. Firstly, it would have to be incredibly expensive in order to not cannibalize the existing iPhones,” Wood added.

    In many ways, a foldable iPad makes more sense for Apple. The company has been working to build up the iPad as a computer replacement for users that don’t need the full power of a traditional computer. A foldable iPad could help spur wider adoption, giving the iPad even more flexibility (pun intended) than it already provides.

  • Google CEO Under Fire by Employees Upset at Being ‘Nickel-and-Dimed’

    Google CEO Under Fire by Employees Upset at Being ‘Nickel-and-Dimed’

    Google CEO Sundar Pichai faced the ire of Google employees over the company’s cost-saving measures.

    Like many companies in the tech industry, Google has been slowing hiring, cutting costs, and has left the door open to layoffs over economic fears. According to CNBC, employees are not impressed with the company’s actions and made that clear to Pichai in an all-hands meeting this week.

    One of the more popular questions Pichai was asked was why the company is “nickel-and-diming” employees when “Google has record profits and huge cash reserves.” The “nickel-and-diming” was a reference to the company cutting travel, swag, and entertainment budgets.

    “How do I say it?” Pichai responded. “Look, I hope all of you are reading the news, externally. The fact that you know, we are being a bit more responsible through one of the toughest macroeconomic conditions underway in the past decade, I think it’s important that as a company, we pull together to get through moments like this.”

    Pichai later doubled down on his response, making the point that more money isn’t always needed to have fun.

    “I remember when Google was small and scrappy,” he added. “Fun didn’t always — we shouldn’t always equate fun with money. I think you can walk into a hard-working startup and people may be having fun and it shouldn’t always equate to money.”

    Despite Pichai’s responses, CNBC says the meeting was rather heated. The CEO didn’t help his case when he dodged questions about trimming executive compensation as a way to cut costs, showing that employees clearly believe they’re being asked to make sacrifices that executives are immune to.

  • Tesla in Trouble Over Misguided Return-to-Office Policies

    Tesla in Trouble Over Misguided Return-to-Office Policies

    Tesla is in turmoil over return-to-office (RTO) policies that don’t reflect the realities the company and its employees are facing.

    CEO Elon Musk made it very clear in June that he wanted the company’s office-based employees in the office, or he would take their absence as a sign of resignation.

    “Anyone who wishes to do remote work must be in the office for a minimum (and I mean ‘minimum’) of 40 hours per week or depart Tesla,” Musk wrote in an email with the subject line “Remote work is no longer acceptable.”

    The only problem is, Tesla is not properly equipped to handle a full RTO transition. According to CNBC, the company was generally open to remote work prior to the pandemic. As a result, when the company went through various phases of expansion, it didn’t always build out with the goal of having 100% of its employees in-office all the time. Now Telsa finds itself without the workstations or office equipment it needs to meet Musk’s demands.

    To make matters worse, Tesla is increasing its surveillance of employees, including sending weekly reports to Musk detailing employee absenteeism.

    According to CNBC, Musk’s policies are leading to a decline in morale. The decline is especially sharp among teams that could work remotely before the pandemic but are now expected to be in the office.

    Only time will tell if Tesla walks back its RTO policies. In the meantime, it should at least consider buying its employees desks so being in the office isn’t quite as miserable an experience.

  • Adobe Buying Digital Design Startup Figma for $20 Billion

    Adobe Buying Digital Design Startup Figma for $20 Billion

    Adobe announced it is buying digital design startup Figma for $20 billion, resulting in a significant consolidation in the industry.

    Figma is a web-based digital design platform that competes with Adobe. In late August, CNBC broke the news that Figma’s popularity among Microsoft employees was testing the longtime relationship between Adobe and the Redmond-based giant.

    It appears Adobe has come up with the ultimate solution to that problem, while also eliminating any other competition from Figma: buy the company. The deal is worth approximately $20 billion, half cash and half stock.

    “Figma has built a phenomenal product design platform on the web,” said David Wadhwani, president of Adobe’s Digital Media business. “We look forward to partnering with their incredible team and vibrant community to accelerate our joint mission to reimagine the future of creativity and productivity.”

    “With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily,” said Dylan Field, co-founder and CEO, Figma.

    Adobe expects the deal to close in 2023, subject to standard regulatory approval. It remains to be seen if the deal will receive approval, with lawmakers in multiple jurisdictions cracking down on tech giants buying out smaller competitors.

  • Startup Poaches Apple Card’s Head of Credit

    Startup Poaches Apple Card’s Head of Credit

    Apple has lost Abhi Pabba, head of credit for the Apple Card, to credit card startup X1.

    Apple has increasingly been expanding its financial offerings, including Apple Pay, the Apple Card, and Apple Pay Later. The Apple Card, backed by Goldman Sachs, has been a big hit for the company. Abhi Pabba has been the company’s head of credit for the Apple Card, but CNBC is reporting Pabba is leaving for X1.

    X1 is a credit card startup backed by PayPal founders Max Levchin and David Sacks, as well as other VCs. Pabba will take on the role of chief risk officer, a role he is well-suited for based on his previous work at Apple and Capital One.

    X1’s claim to fame is providing users with fine-tuned control over their credit card via the company’s app. Customers can even generate unique credit card numbers for specific purchases, limiting the risk of credit card fraud.

    According to CNBC, Pabba will be in charge of building the startup’s underwriting policies.

  • Apple Invites Developer to Purchase App Store Ad Spots

    Apple Invites Developer to Purchase App Store Ad Spots

    Apple is moving ahead with its plans to introduce more ads to the App Store, inviting developers to purchase slots for end-of-year rollout.

    Apple has been widely rumored to be expanding its advertising business, with plans to bring more ads to the App Store, Maps, Apple Books, and more. According to CNBC, those plans are starting to take shape, with Apple reportedly sending an email to developers, inviting them to start purchasing ad space for expanded placements in the App Store.

    “With new opportunities coming to Apple Search Ads, you can promote your apps across the App Store to engage even more customers this holiday season,” read the email.

    The company emphasized that the ads must meet its requirements in order to qualify.

    “Apple Search Ads provides opportunities for developers of all sizes to grow their business. Like our other advertising offerings, these new ad placements are built upon the same foundation—they will only contain content from apps’ approved App Store product pages, and will adhere to the same rigorous privacy standards,” an Apple representative told CNBC.

    Apple’s increased foray into advertising is sure to pose additional problems for the company, especially amid complaints that its privacy crackdown has significantly benefited its own ad business at the expense of its rivals.

  • Websites Are Shunning the Facebook Button Over Privacy

    Websites Are Shunning the Facebook Button Over Privacy

    Once almost ubiquitous across the internet, websites are increasingly shunning the Facebook button over privacy concerns.

    Facebook’s button used to appear on websites large and small, providing a fast and easy way for people to log in to a site using their Facebook credentials. As consumers have grown more concerned with protecting their privacy, social media login buttons are a growing casualty.

    “We really just looked at how many people were choosing to use their social media identity to sign in, and that just has shifted over time,” Jen Felch, Dell’s chief digital and chief information officer, told CNBC. “One thing that we see across the industry is more and more security risks or account takeovers, whether that’s Instagram or Facebook or whatever it might be, and I just think we’re observing people making a decision to isolate that social media account versus having other connections to it.”

    Dell isn’t alone in removing the Facebook button. Best Buy, Ford, Match, Nike, Patagonia, Pottery Barn, and Twitch have all removed the option from their websites.

    The disappearing Facebook button is just the latest evidence that consumers are finally valuing their privacy and interested in taking greater control over it.

  • Layoffs Possible As Google CEO Wants ‘Company 20% More Productive’

    Layoffs Possible As Google CEO Wants ‘Company 20% More Productive’

    Google employees could face layoffs in the near future if recent remarks by CEO Sundar Pichai are any indication.

    Like other companies, Google has been adapting to a changing economy. The company has already scaled back hiring and taken other measures to improve efficiency, including Pichai asking employees to be more productive and look for ways to “stay entrepreneurial.”

    According to CNBC, Pichai is shedding light on some of the challenges Google is facing, as well as some of the possible solutions.

    “The more we try to understand the macroeconomic, we feel very uncertain about it,” Pichai said Tuesday at the Code Conference in Los Angeles. “The macroeconomic performance is correlated to ad spend, consumer spend and so on,” he added.

    “We want to make sure as a company, when you have fewer resources than before, you are prioritizing all the right things to be working on and your employees are really productive that they can actually have impact on the things they’re working on so that’s what we are spending our time on.”

    When pressed for specifics by host Kara Swisher, Pichai seemed to take aim at Google’s growing bureaucracy, which has been blamed for slower decision-making.

    “Across everything we do, we can be slower to make decisions,” Pichai. “You look at it end-to-end and figure out how to make the company 20% more productive.”

    “Sometimes there are areas to make progress [where] you have three people making decisions, understanding that and bringing it down to two or one improves efficiency by 20%,” he added.

    Pichai’s response is one of the strongest indications yet that Google may join other Big Tech companies in laying off workers.

  • Amazon Raising Fees for Third-Party Sellers During the Holidays

    Amazon Raising Fees for Third-Party Sellers During the Holidays

    Amazon is raising third-party seller fees during the holidays, the first time the e-commerce giant has ever done so.

    Rising inflation is hitting all corners of life, impacting individuals and businesses alike. According to CNBC, Amazon is raising fees for third-party sellers in response to the economic challenges it’s facing.

    The company sent an email to sellers using Fulfillment by Amazon (FBA), informing them that they would have to pay $0.35 per item sold in the US and Canada between October 15 and January 14. Amazon said “expenses are reaching new heights,” necessitating the price hike.

    “Our selling partners are incredibly important to us, and this is not a decision we made lightly,” Amazon said in the email.

    The move is not surprising, given that FBA handles the entire processing of packaging and delivering goods to customers, a process that is directly affected by rising labor and fuel costs.

  • Elon Musk Hedges His Bets, Sells Tesla Stock

    Elon Musk Hedges His Bets, Sells Tesla Stock

    Elon Musk has sold some 7.92 million shares of Tesla stock, hedging his bets in his legal battle with Twitter.

    Musk originally tried to buy Twitter, lining up investors to help him do so. After weeks of back-and-forth, in which Musk accused Twitter of not disclosing the true scope of bots on the platform, the CEO called off his purchase. Twitter sued Musk to keep the deal alive, leading him to sell off some of his Tesla stock.

    According to CNBC, Musk has sold 7.92 million shares of Tesla stock for approximately $6.88 billion. Musk confirmed the news in a tweet when asked if he planned to sell any additional shares.

    Musk said he had sold the stock as a safety measure in the event some of his equity partners don’t come through.

  • Netflix Has a Gaming Problem

    Netflix Has a Gaming Problem

    Netflix appears to have a gaming problem, with the overwhelming majority of its users not embracing the new feature.

    Netflix has been looking for ways to continue growing its subscriber base and keep existing users from jumping ship to competing platforms. As part of that effort, the company bet big on gaming, hiring former EA Exec Mike Verdu and scooping up the Night School Studio game studio.

    According to Apptopia, via CNBC, it doesn’t seem like the company’s gamble is paying off, with 99% of its customers having never tried its games. Out of 221 million subscribers, Netflix’s games are only averaging 1.7 million daily users and have only been downloaded 23.3 million times.

    The revelation is the latest indication of the challenges Netflix faces going forward. The company recently reported its first subscriber loss in almost a decade and is moving to roll out an ad-supported plan to help drive customer growth.

    Netflix is also looking at options to monetize account sharing and has recently laid off an additional 300 employees. It remains to be seen if the company’s investment in gaming will pay off, but so far, it’s not looking good.

  • Bosch Calls for Reinventing Automotive Semiconductor Supply Chain

    Bosch Calls for Reinventing Automotive Semiconductor Supply Chain

    Bosch, the world’s largest automotive parts supplier, is calling for changes in how the supply chain operates as a result of the semiconductor crisis.

    The COVID-19 pandemic sparked a chain of events that have led to a massive semiconductor shortage. It began with factories shutting down as a result of lockdowns and continued due to pandemic-fueled increases in demand for computers, tablets and gaming consoles. The impact has spread beyond the computer industry and is wreaking havoc on the automotive industry as well. Many automakers have had to close plants, reduce production, delay models or ship vehicles without their usual complement of electronics.

    Bosch’s management believes the inherent nature of the supply chain is a large part of the problem, according to CNBC.

    “As a team, we need to sit together and ask, for the future operating system is there a better way to have longer lead times,” said Harald Kroeger, a member of Bosch’s management board. “I think what we need is more stock on some parts [of the supply chain] because some of those semiconductors need six months to be produced. You cannot run on a system [where] every two weeks you get an order. That doesn’t work.”

    Kroegen also emphasized the fact that cars are becoming even more dependent on semiconductors than in the past, making these issues more likely to occur in the future.

    A company as large and important to the industry as Bosch calling for improvements is sure to get attention, and may very well lead to the kind of changes the industry needs.

  • Google CEO Says Employee Productivity Must Improve, Warns of ‘Challenging Environment’

    Google CEO Says Employee Productivity Must Improve, Warns of ‘Challenging Environment’

    Google CEO Sundar Pichai has issued a warning to employees, asking them to improve productivity and focus.

    As fears of a recession mount, companies are taking measures to prepare and insulate themselves. Pichai is warning Google employees that the company’s productivity is not at the level it should be, given the size of the company.

    According to CNBC, the statements were made at an all-hands meeting last Wednesday where Pichai solicited feedback from employees on ways the company can improve.

    “I wanted to give some additional context following our earnings results, and ask for your help as well,” Pichai said, referring to the company’s second-quarter earnings report. “It’s clear we are facing a challenging macro environment with more uncertainty ahead.””

    “There are real concerns that our productivity as a whole is not where it needs to be for the head count we have,” he added. Pichai then asked employees to help “create a culture that is more mission-focused, more focused on our products, more customer focused. We should think about how we can minimize distractions and really raise the bar on both product excellence and productivity.”

    Read more: Google Pauses Hiring for Two Weeks

    As one of the proposed measures to increase productivity, Pichai introduced a “Simplicity Sprint,” borrowing a term from software development wherein a team works to accomplish specific tasks in a set amount of time. Pichai said employees could submit ideas through August 15, ideas that could be used to increase focus and help streamline the company’s efforts.

    Some of the questions include, “What would help you work with greater clarity and efficiency to serve our users and customers? Where should we remove speed bumps to get to better results faster? How do we eliminate waste and stay entrepreneurial and focused as we grow?”

    CNBC reports there were concerns raised at the meeting about whether the company has plans to lay employees off. The fears were largely driven by comments Pichai made in mid-July when he said the company would be streamlining its investments, looking for areas of overlap, and pausing work on some projects.

    When asked whether the company planned to lay off employees, Pichai turned to Fiona Cicconi, Google’s Chief People Officer.

    “We’re asking teams to be more focused and efficient and we’re working out what that means as a company as well,” Cicconi said. “Even though we can’t be sure of the economy in the future, we’re not currently looking to reduce Google’s overall workforce.”

    “I really get that there is some anxiety around this based on what we’re hearing from other companies and what they’re doing and as Sundar mentioned, we’re still hiring for critical roles,” Cicconi added.

    It’s unclear whether employees were reassured by that answer since it didn’t rule out the possibility of layoffs at a future point.