Google CEO suggests additional job cuts in 2024 to achieve 'bold objectives'.

• Google CEO Sundar Pichai announced in a memo on Wednesday that further job reductions will occur this year.
• In areas such as artificial intelligence, Pichai stated that the company has "bold objectives."
• To create the capacity for this investment, we must make difficult decisions, as Pichai stated.

Sundar Pichai, CEO, is cautioning staff about impending job reductions in 2021 as the company focuses on AI investments.

In a memo titled “2024 priorities and the year ahead,” Pichai stated that the company has ambitious goals and will be investing in its big priorities this year. The memo, obtained by CNBC, revealed that company leadership is preparing to share its AI goals for the year and will publish its 2024 OKRs (objectives and key results) soon.

To create the capacity for investment, we must make tough choices, such as eliminating roles and removing layers to simplify execution and drive velocity, as Pichai wrote.

A Google spokesperson declined to comment on the memo that was first reported by The Verge.

Google is continuing to implement cost cuts, including job layoffs and reduced perks, following the elimination of 12,000 jobs in January 2023, which represented approximately 6% of the full-time workforce. Additionally, the company has also reduced the provision of laptops and equipment.

Several hundred jobs in central engineering, hardware, and advertising have been eliminated since the calendar turned.

In Wednesday's memo, Pichai stated that some teams will still make resource allocation decisions, and layoffs will not be as extensive as last year's cuts, affecting only certain teams.

Last year, Alphabet's shares surged 58% as tech stocks rebounded after a challenging 2022, fueled in part by enthusiasm about AI. In the third quarter, both revenue and the digital ad market experienced a resurgence, with revenue returning to double-digit growth.

Google recently unveiled its most advanced AI model, Gemini, which outperformed the GPT-4 model from OpenAI in certain tests.

WATCH: Google to cut hundreds of jobs as big tech layoffs continue

Alphabet, the parent company of Google, experienced a 58% increase in shares last year, as tech stocks surged after a challenging 2022.