Google is slashing its marketing budget by half for the second part of 2020, CNBC first reported Thursday afternoon.
Marketing employees at the company were reportedly notified via email about the cuts, which also includes a hiring freeze for both full-time and contract employees.
The email stated:
“There are budget cuts and hiring freezes happening across marketing and across Google… We, along with the rest of marketing, have been asked to cut our budget by about half for H2.”
A Google spokesperson added that the company was slowing its hiring, but said a freeze wasn’t happening across the entire company.
In 2019, Google spent $18.46 billion on sales and marketing, or 11.4 percent of its revenue.
Read the original article on CNBC