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MARTIN BACCARDAX: 6% of the workforce. And it came a little bit out of the blue, even though most analysts assumed that once we saw similar cuts from Microsoft, Amazon, Meta and others, that Google wasn't too far behind. Because, of course, it's the biggest online advertising firm in the world. And as a result isn't going to be inoculated by the slowdown in spending that we experienced in large part last year and is very likely to extend into 2023 and possibly beyond. Essentially, the cuts are going to cross, go across the whole of the business. Some in engineering and product, some at the corporate level but we aren't entirely sure where they're going to fall in terms of, you know, percentages across the different Google groups. But nonetheless, it's a pretty significant cut.
I think Morgan Stanley estimated that. Google could save somewhere in the region of 4.2 to $5.2 billion as a result of these. And this, of course, factors in the severance payments and all the rest of it that they'll have to extend to these people who are being let go. But ultimately, again, from that sort of vicious spreadsheet analysis, this has been positive for Google stock. Investors think it's going to carve a big chunk of their expense base, which has been an overhang for tech for the past couple of years. And again, just sort of extends that significant cull in headcount that we're seeing from a very important space, not only from a financial markets perspective, but an economic one as well.