Google employees questioned leadership about cost cuts, layoffs, and declining morale at an all-hands meeting after Q1 earnings beat estimates. CEO Sundar Pichai said most layoffs will be completed in the first half of 2024, with a much smaller scale in the second half. CFO Ruth Porat said expenses grew faster than revenue, which isn't sustainable, and the focus is investing in growth areas. Porat defended share buybacks and dividends, saying cash can't just be drained and the board has fiduciary duties.
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00:00It's Benzinga, and here's what's on the block.
00:02Google employees questioned leadership about cost cuts, layoffs, and declining
00:06morale at an all-hands meeting after Q1 earnings beat estimates. CEO Sundar Pichai said that most
00:12layoffs will be completed in the first half of 2024, with a much smaller scale in the second
00:17half. CFO Ruth Peratt said expenses grew faster than revenue, which isn't sustainable, and the
00:22focus is investing in growth areas. Peratt defended share buybacks and dividends, saying cash can't
00:28just be drained and the board has fiduciary duties. Pichai acknowledged leadership mistakes
00:33in prior investment approaches and overhiring during the pandemic. For all things money,
00:37visit Benzinga.com.