Alphabet, the parent company of Google, announced on Friday that it will be cutting 12,000 jobs in a major job cut. This news comes after a period of rapid hiring during the pandemic and concerns about the broader economic slowdown. The job cuts, which amount to about 6 percent of Alphabet’s global workforce, were announced by CEO Sundar Pichai. He said the company expects to save $1.5 billion in costs from the layoffs, which will be completed by the end of 2021. The majority of the job cuts will be in Alphabet’s sales and marketing division, as well as other non-tech roles. The company plans to offer severance packages and other assistance to employees who are laid off. The news of the job cuts comes as Alphabet’s profits have been soaring in recent months. The company reported a revenue of $46.2 billion in the fourth quarter of 2020, up 23 percent from the same period in 2019. Alphabet is the latest technology company to make major job cuts in response to the economic downturn. Other tech giants, including Microsoft, Intel, and HP, have also announced layoffs in recent months. The job cuts are a sign of the economic uncertainty that many companies are facing due to the pandemic. Alphabet is hopeful that the layoffs will help the company remain profitable in the long-term.