After years of rapid growth amid bumper profits, the tech sector is now firmly in cost-cutting mode.

Alphabet's Google was the latest company to highlight this Thursday, confirming plans to merge the team working on its Waze mapping service with those on its Maps product. The restructuring will begin Friday, the Wall Street Journal reported, with no layoffs planned. Google acquired Waze for more than $1 billion in 2013, during the good times. Google did not respond to Barron's request for comment early on the day.

Some of tech's biggest names, including Facebook owner Meta and Twitter, have opted for mass layoffs, while others, such as Amazon, have implemented a hiring freeze. An advertising revenue slowdown, higher interest rates, and surging inflation have brought an end to the era of easy money.