Google to lay off 12,000 workers

Through an emailed memo, the company said that laid off employees will receive 16 weeks of severance pay, plus two weeks for each additional year worked for Google.

Rising US interest rates, inflation and the prospect of a recession have battered the tech industry, forcing advertisers to cut their spending on online advertising.

On Wednesday, Amazon began a new wave of layoffs that affected more than 18,000 people and Microsoft just laid off 10,000 employees, almost 5% of its workforce.