The cuts will take place across the entire company, says CEO Sundar Pichai in an email to employees where he also says he takes “full responsibility for the decision and what it will mean for the company”. The 12,000 positions correspond to six percent of the company’s total workforce.

In the past, among others, Meta, Twitter and Amazon have been forced to take similar measures. As recently as Thursday, Microsoft announced that the company is notifying 10,000 employees of layoffs.

For Alphabet, the whole thing is based on lower revenues from digital ads as well as continued challenges regarding cloud services where it competes with Microsoft and Amazon.

For Alphabet’s part, just like the entire sector, it has been pressured in line with the rising interest rates and the economic unrest worldwide. In October, the company reported a profit loss of 27 percent compared to the previous year, and even if today’s announcement lifts the stock in futures trading on the New York stock exchange, the stock is down 30 percent over the past twelve months.