Considering what's been happening at other tech giants (just look at Microsoft and Meta), I don't see a way for this to play out without at least some RIFs. The only question is how many and what will be affected. The next few months will be interesting, to say the least.
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Google uses a lot of contract workers so they can hire and fire at will. Those contract staff do the grunt work fulltime emoloyees won't or can't do. But I wouldn't be surprised if fulltime employees get fired too.