Did the tech bubble burst?
5:28
(CNN) --
Google's parent company Alphabet will cut about 12,000 jobs, or 6% of its workforce, the company said Friday, in the latest cut announcement to shake the technology sector.
The cuts will affect roles across product areas and regions, CEO Sundar Pichai said in an email to employees posted on the company's website on Friday.
Affected US employees will remain on the company's payroll for 60 days and receive at least 16 weeks of severance pay, in addition to other benefits.
Alphabet increased its workforce by more than 50,000 employees in the past two years as rising demand for its services during the pandemic boosted profits.
But in recent quarters, the company's core digital advertising business has slowed as the economic downturn and recession fears caused advertisers to cut spending.
“Over the last two years we have seen periods of spectacular growth,” Pichai said in the email.
"To match and fuel that growth, we hired for a different economic reality than what we face today."
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