Google to cut $400M in revenue in 2016-17

The search giant said it will slash $400 million in revenue and hire about 2,000 people at its parent company, Alphabet Inc. in a sign of its intent to shift focus away from Android and toward other products.

The news came as Alphabet and Microsoft Corp. announced they are forming a new joint venture to develop software for voice and data services.

The new joint endeavor will have about 25 employees.

Alphabet said it is planning to reduce its workforce by 1,000 workers by the end of the year and hire another 1,500.

Google said in its quarterly results that it will spend $400 billion in the coming years.

The company said it plans to spend $800 billion on technology over the next 10 years.

Alphabet has faced criticism for its high-cost products and the high-profile scandals that have engulfed its leadership and operations.

Google’s chief executive, Eric Schmidt, has defended the search giant’s business practices, calling it a “no-brainer” for investors to support it.

Alphabet’s stock price has plunged more than 20% this year after it said it planned to cut some $1 billion in annual expenses.

Google reported a loss of $9.2 billion in 2016.

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