Why did Google stock go up today? Layoffs soothe investor nerves
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Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) shares gained nearly 6% on Friday after the company announced it would cut approximately 12,000 employees.
"The fact that these changes will impact the lives of Googlers weighs heavily on me, and I take full responsibility for the decisions that led us here," CEO Sundar Pichai wrote in an email sent to employees.

Pichai noted that Google (GOOG) (GOOGL) will pay employees during the full notification period and will offer 16 weeks of severance plus two weeks for every year at the company. Additionally, they will have an acceleration of their vesting restricted stock units.
Google (GOOGL) will also offer six months of healthcare, job placement services and immigration support.
Additionally on Friday, it was reported that Google (GOOG) (GOOGL) co-founders Larry Page and Sergey Brin had discussed with the company's executive over what to do from the threat from OpenAI's ChatGPT.
Separately on Friday, Michael Nathanson argued that Google (GOOG) (GOOGL) shares look "attractive" at current levels.