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So according to a quick search, Google employs ~ 178k people, making this far less than 5-10%.
But yeah, cuts keep happening until interest rates start trending downwards again, basically.
G fired like 12K people at the beginning of the year.
https://www.npr.org/2023/01/20/1150234270/google-layoffs-12000-jobs
Then smaller groups of layoffs throughout the year and usual churn. Adds up to ~5-6% for the year
This is true, however it’s also the first time Google has done a mass layoff, so I wouldn’t say it’s pointing to a yearly trend.