--Alphabet's pioneering technology lab X is cutting staff and looking for more outside funding, Bloomberg reports, citing people familiar with the matter.

--X has increased talks with venture capitalists and other investors about outside funding, the people said, and is looking to create a structure to allow projects to easily spin out.

--Dozens of employees will be laid off as part of the restructuring, with a focus on support staff, one of the people said.

--Astro Teller, who leads X, told Bloomberg the division was looking to collaborate with "a broader base of industry and financial partners" as it looks to spin out more projects with market-based funding.

Full article at https://www.bloomberg.com/news/articles/2024-01-22/google-layoffs-saga-continues-as-alphabet-s-x-cuts-dozens-of-jobs-seeks-funds?srnd=premium&leadSource=uverify%20wall

Write to ben.glickman@wsj.com; @benglickman

(END) Dow Jones Newswires

January 22, 2024 11:17 ET (16:17 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.
Alphabet (NASDAQ:GOOG)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Alphabet Charts.
Alphabet (NASDAQ:GOOG)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Alphabet Charts.