Tech 3 | Layoffs at Google parent, Swiggy; Paytm chief opens up in Davos; and more

One important thing: Reed Hastings is stepping down as CEO of Netflix , a company he co-founded 25 years ago, concluding a succession plan that began with Ted Sarandos becoming co-CEO in July 2020.

• As part of the leadership shuffle, Greg Peters has been elevated as Netflix's co-CEO, while Hastings will become its executive chairman.?

Also read: Netflix's paid password sharing to roll out "more broadly" in Q1 2023

In today’s newsletter:

• Alphabet to cut 12,000 jobs
• Swiggy fires 380 employees
• Paytm chief opens up in Davos?

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Alphabet to cut 12,000 jobs

Over the last few weeks, layoff news has been pouring in thick and fast. The latest company to announce job cuts is tech giant Google.

Driving the news: Google parent Alphabet said it plans to eliminate 12,000 roles , or about 6% of its workforce globally, marking the company's largest-ever round of layoffs. These job cuts will span across Alphabet's product areas, functions, levels and regions, it said.

"Over the past two years we’ve seen periods of dramatic growth. To match and fuel that growth, we hired for a different economic reality than the one we face today" Alphabet CEO Sundar Pichai said in an email to employees. Read his entire memo .

Layoff galore: With this, Google joins a group of tech giants that have recently reduced their workforces. Microsoft announced earlier this week that it will eliminate 10,000 jobs , while Amazon announced earlier this month that it will cut over 18,000 positions . In November last year, Facebook parent Meta announced plans to lay off 11,000 employees .

• Due to its resilient search business, Google was one of the last Big Tech holdouts to announce layoffs. However, the continued advertising slowdown, the after-effects of the pandemic-driven digital boom and the current recession-like environment indicate that it could no longer hold out.

Down, but not out

Closer to home, Google said it will cooperate with the Competition Commission of India (CCI) while continuing to appeal against the watchdog's Android antitrust order. This comes after the Supreme Court declined to stay the company's appeal against CCI's Android antitrust lawsuit.?

"We are reviewing the details of yesterday's decision which is limited to interim relief and did not decide the merits of our appeal" a company spokesperson said.?

In other news, Google is seeking the assistance of its founders, Larry Page and Sergey Brin, for a different kind of fight. Read more .

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