Google (NASDAQ:GOOG) (NASDAQ:GOOGL) recently announced that it would cut 40-45 jobs within its news division, CNBC reported. The move comes amidst increased efforts to combat misinformation on social media platforms and news outlets.
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The technology giant said the layoffs do not impact the firm’s information quality. Lately, media outlets have been under increased pressure to combat misinformation that has escalated following the Israeli-Palestine war. Calls for the regulation of tech platforms have also increased, with lawmakers pushing for them to adopt stricter measures.
Meanwhile, the recent layoff follows a slew of other cuts made at Google this year. In January, the company announced plans to slash 12,000 jobs, nearly 6% of its full-time workforce. Since then, it has made several layoffs, with the most recent happening last month.
Is Google a Good Stock to Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOG stock based on six Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average GOOG price target of $150.29 per share implies 7.67% upside potential.
