Cuts and Hiring Freezes in Marketing
The email stated:
Bloomberg News received a copy of the memo Pichai sent last week about looming cuts where he stated:
“The clear lesson from 2008 is that preparing early is key to weathering the storm and emerging in a position to continue long-term growth…
We are reevaluating the pace of our investment plans for the remainder of 2020. That starts with taking a more critical look at the pace of hiring for the rest of the year.
So it follows that cutting back on the marketing budget may not affect support for current customers and businesses.
Travel Advertising Slump May Have Impacted Earnings
According to a tweet by a search marketer familiar with travel advertising, the collapse of travel related advertising may be one of the several contributing factors to a negative drag on earnings.
— searchmartin (@searchmartin) April 23, 2020
Google shares are reported to be down by 2% in after hours trading:
— CNBC (@CNBC) April 23, 2020
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