Google parent company reportedly targets staplers in cost

Aug 26, 2023

The company that once put ping-pong tables in its offices is now rationing staplers.

According to CNBC, Google is no longer providing staplers and tape to its print stations worldwide. The report quotes a facility directive from San Francisco, which stated, "if you need a stapler or tape, the receptionist desk has them to borrow."

Staplers of course are not the extent of its cost cutting, which also includes slowing how often equipment is replaced, and more pertinently, cutting 12,000 jobs.

Also read: More than 166,000 tech-sector employees have lost their jobs since the start of 2023

That's just one sign of the cost cutting in Silicon Valley, that has been embraced by investors. Shares of Google's parent company Alphabet GOOGL, +1.36% are up 18% this year, and the broader Nasdaq Composite COMP, +0.49% has gained 16%. The yield on the 2-year Treasury TMUBMUSD02Y, 4.520% is down 42 basis points in 2023, which also is providing a tailwind to riskier assets.

Palantir's stock powers up toward a 17-month after the software company was awarded a multiyear U.S. special ops contract worth up to $463 million.

Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.