Shares of Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) were moving higher Friday morning after the company said it would cut 12,000 jobs, or roughly 6% of its workforce, in order to streamline the business and increase its focus on artificial intelligence.

Investors reacted favorably to the news, sending the stock up by 4.7% as of 11:35 a.m. ET.

After its tech peers Microsoft, Meta Platforms, and Amazon all announced layoffs in recent weeks, the news was expected from Alphabet. During 2022, its profits shrunk, its stock price fell by nearly half, and its headcount growth significantly outpaced its revenue growth. 

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Source Fool.com