Google Inc. (NASDAQ:GOOG) is laying off a couple hundred of people in sales and marketing. Google wrote about the lay off on the Google blog.
“When companies grow that quickly it’s almost impossible to get everything right?and we certainly didn’t. In some areas we’ve created overlapping organizations which not only duplicate effort but also complicate the decision-making process,” wroteWe will give each person time to try and find another position at Google, as well as outplacement support, and provide severance packages for those who leave the company.”
In December 2007, Google’s stock price was about $714. But now it trades at $353.29 so that isn’t helping at all. Google’s market cap has been above a steady $100 billion fortunately. Google competitor Yahoo! Inc. (NASDAQ:YHOO) is trading at about $13.35 per share and has a market cap of $18.6 billion. Google has about 20,000 employees so they’ll be seeing about a 1% drop in employee count.
[via Google Blog]