Profits up at Google UK, but nearly 400 jobs cut
Google UK saw increased revenues and profits in 2024, yet reduced its workforce by nearly 400 employees. This seemingly contradictory outcome highlights the evolving landscape of the tech industry, particularly within Europe. The company's financial performance indicates robust demand for its services, while the job cuts suggest a shift towards streamlining operations and potentially greater reliance on automation. Specifically, Google UK Limited reported revenues of £2.89 billion in 2024, up from £2.81 billion the previous year, with pre-tax profits increasing to £550 million from £502 million. However, the headcount decreased from 7,422 to 7,029. This reduction is attributed to a combination of job cuts, attrition, and role changes, according to reports. This development impacts both Google's UK operations and the broader European tech ecosystem. While the company’s £5 billion investment in UK AI initiatives, including infrastructure, scientific research and job creation, is intended to boost the UK’s AI economy, these job cuts raise questions about the evolving nature of work in the digital age. Google aims to generate 8,250 jobs annually for UK businesses. The investment, which includes a new £735 million data centre in Hertfordshire, reflects Google’s continued commitment to the UK market. Google aims to use the investment to boost AI development, bolster cybersecurity measures and create new employment opportunities.
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