Employees at Google parent company Alphabet (GOOGL) are lobbying internally for job security ahead of cost cuts that are expected at the technology giant this year.
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Media reports say that employees have begun circulating an internal petition entitled “job security” as the axe is about to come down at the company known for its online search engine. The petition has so far been signed by more than 1,250 employees at Alphabet.
The petition is the latest example of employee unrest at the Silicon Valley-based company, which has struggled with poor morale, fumbled product launches, and worker protests over contracted work and downsizing that dates back to 2023 and has led to more than 12,000 jobs being eliminated at Alphabet.
“Strong Financial Position”
“We, the undersigned Google workers from offices across the U.S. and Canada, are concerned about instability at Google that impacts our ability to do high quality, impactful work,” reads the petition that has been made public. “Ongoing rounds of layoffs make us feel insecure about our jobs. The company is clearly in a strong financial position, making the loss of so many valuable colleagues without explanation hurt even more.”
Recently installed Alphabet CFO Anat Ashkenazi said last autumn that one of her top priorities is to drive more cost cutting as the company grows its spending on artificial intelligence (AI) in 2025 and beyond. The workers’ petition calls on Alphabet CEO Sundar Pichai to offer buyout packages before conducting any further layoffs and to guarantee severance packages to employees who are let go.
GOOGL stock has gained 28% in the last 12 months. The shares recently closed at an all-time high.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 32 Wall Street analysts. That rating is based on 24 Buy and eight Hold recommendations assigned in the last three months. The average GOOGL price target of $218.41 implies 11.96% upside from current levels.
