(Bloomberg) — Verily, Alphabet Inc.’s life sciences unit, is cutting 15% of jobs as it eliminates some programs and streamlines operations.
Most Read from Bloomberg
More than 200 jobs will be eliminated, Verily said after announcing the layoffs in a blog post on Wednesday. “We are making changes that refine our strategy, prioritize our product portfolio and simplify our operating model,” said Stephen Gillett, Verily’s chief executive officer, in the post. “We will advance fewer initiatives with greater resources.”
The company, owned by the same parent as Google, will also discontinue Verily Value Suite, a medical software program, and some early-stage products, such as microneedles for drug delivery, Gillett said. Some employees leading the programs will be reassigned to other teams, while others will be leaving Verily, he said.
With the layoffs, Alphabet joins a host of other tech giants that have drastically scaled back their workforces amid a faltering global economy and soaring inflation. Meta Platforms Inc., Twitter Inc. and Amazon.com Inc. have all slashed their ranks, or begun the process of retrenchment. According to the human-resources consulting firm Challenger Gray & Christmas Inc., by far the most job cuts in 2022 were in the tech sector — 97,171 for the year, up 649% compared to the prior year.
Most Read from Bloomberg Businessweek
©2023 Bloomberg L.P.