Alphabet Unit Verily To Lay Off 15% Of Its Workforce

(CTN NEWS) – Verily Life Sciences announced on Wednesday that it would initiate the process of laying off 15% of its workforce as part of an effort to restructure the company.

Stephen Gillett, the CEO of the company, was the one to deliver the news to the staff via an internal email.

About 240 employees of the company, which is owned by Alphabet Inc., the parent company of Google, will be affected by the layoffs.

Up until 2015, the company was a division of Google X in its earlier incarnation.

Verily increased its selection of data-driven, specifically personalized healthcare goods in September after successfully raising one billion dollars in funding.

It is now known to be the first of Alphabet’s companies to carry out layoffs in preparation for the upcoming challenging economic times.

At the beginning of this month, online retail giant Amazon became the most recent IT company to disclose it will be eliminating 18,000 jobs as part of its workforce reductions.

Salesforce, a cloud-based software company, said it would decrease its personnel by 10%, resulting in the loss of around 7,000 jobs. Salesforce is the latest technology company to do so, citing the economic slump.

Facebook’s parent company, Meta, announced 11,000 layoffs in November.

Up to this point, Google has managed to avoid taking the same approach with widespread layoffs.

/ GETTY IMAGE

Verily is taking this step to further establish its financial independence from Alphabet, the company that spearheaded the fundraising round in September.

“to bring together technology and life sciences to find new insights about health and illness” is the company’s stated aim.

NBC was able to obtain a copy of the email that Gillett sent out, in which he stated, “We cannot accomplish everything and have had to make some painful choices.”

The corporation’s offices will be closed on Thursday and Friday, but staff will be instructed to continue working from home. On January 18, we should have further information regarding the cuts.

RELATED CTN NEWS:

FTX Recovered Over $5bln From Failed Crypto Exchange: Attorney