Mashable: Pichai acknowledged that, like all firms, Google is not immune to economic headwinds lying ahead.

Sundar Pichai, the CEO of Google, announced in an email to staff on Tuesday that the company would cut down hiring and investment through 2023.

Beginning with an acknowledgment that "it is already the first half of 2022 and the uncertain global economic future has been top of mind," he continued.

In the memo, Pichai stated, "Like all firms, we're not immune to economic headwinds. "We need to be more entrepreneurial and work with more urgency, clarity, and appetite than we have on days with more sunshine."

According to a report by CNBC, as investors exit the equities that fueled the bull market of the previous ten years, Alphabet shares have fallen by 21 percent so far this year, plummeting with the rest of the tech sector. For the first quarter, the corporation fell short of analyst expectations, and Chief Financial Officer Ruth Porat issued a warning that more challenging times lay ahead.

When the economy was recovering from the epidemic in the first three months of 2021, growth was 34 percent. In the first quarter of 2022, growth slowed to 23 percent from a year earlier. However, Pichai claimed in the letter that 10,000 new staff were employed by the business in the second quarter.

He added, "We'll be decreasing the pace of hiring for the rest of the year, while continuing to support our most significant initiatives, because of the hiring progress accomplished so far this year. "The company will concentrate on hiring for engineering, technical, and other important roles for the remaining two years of 2022 and 2023."

In this time of economic uncertainty, Google, which has a history of making significant investments in R&D, will also be pickier about where it spends its money.

Pichai said that in some circumstances, "it means consolidating where investments overlap and streamlining processes." Other times, he explained, it would entail "pausing development and re-deploying resources to higher priority sectors."

The note's conclusion was a statement from Pichai to the effect that "scarcity breeds clarity" and that he was "excited for everyone to rise to the moment again."