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The technology industry has stood out for adapting to the market.
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Google It is one of the companies with the highest technological value in the market, and despite this, it has had to make sacrifices in the face of the negative economic phenomenon that it is experiencing.
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As well as Google has canceled its campus project, Facebook has put its metaverse on hold.
Google He paused his project for a mega campus and now that he is keeping the old offices that he has had until now, demonstrating the impact that the economy has had on the technology industry.
“The impact that COVID-19 has had on the overall (adjusted) market outlook in 2020 and 2021 and information on the impact on device shipments, data and telecom usage, as well as software and services, and the employment”, are one of the many phenomena to which tech had to adapt, considering that the market has faced situations with a negative effect on its operations, this according to the conclusion of Statista in a study about.
Google closes project
The economic slowdown has already left Google without its project in time to have a mega campus in San Jose, California.
Despite the fact that the project was advancing with demolitions, the space suspended its development, so the dream of having a mega work space does not seem to have a happy ending, as sources consulted by CNBC They told the outlet that they do not expect it to resume soon.
For said campus, Google obtained authorization from the local government in 2021, to build an entire development of 7.3 million square feet, with an estimated economic impact of 19 billion dollars in the area.
Despite this estimate that the project was expected to achieve in economic impact once it was opened, the place, on the contrary, has reported losses, such as those registered LendLeaseone of those in charge of the project or rather the main firm in charge of its construction, fired 67 collaborators, including its Senior Development Manager and its business operations managers.
As Google making decisions on its projects, various technology brands have backed down on ambitious projects they had in mind.
The most controversial case was that of Meta, which considerably reduced its efforts in the metaverse.
“Metaverse technologies have the potential to transform education. It is already happening, but for it to become a reality in the coming years it will be necessary for educators and policy makers to take advantage of the opportunities offered by these technologies”, has gone so far as to say Nick CleggPresident of Global Affairs of Meta.
This sentence is striking because of the moment in which it is made, when the company informed us that The Reality Labs, the business unit in charge of Mark Zuckerberg for the Metaverse it lost thirteen thousand 700 million dollars in 2022, so the job cuts of 1,100 positions that were carried out were not surprising.
“Not only has online commerce returned to previous trends, but the macroeconomic recession, increased competition and loss of advertising signals have caused our revenue to be much lower than I expected,” explained the owner of Facebook, Mark Zuckerbergin a text he sent to employees after saying goodbye to a huge number of them.
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