Google News, which offers a mix of news, opinion and business insights, is looking for new revenue streams to help offset the losses it faces as its shares slump.
Google News said Monday it would be cutting about a third of its workforce as part of the move.
The news comes a day after the company reported a 7% decline in quarterly revenue for the quarter.
Nextera, an energy storage company, said it will shut down the company’s San Francisco office and reduce its workforce by more than 15%.
The company, which provides energy storage for energy companies, also announced plans to spin off its energy storage business and create a new unit to focus on other technologies.
Nexteras stock fell nearly 9% on Monday.
Google’s stock price has been sliding since the start of the year, hitting a low of $15.49 Monday.
Google is a pioneer in the space, with its own data center in California, as well as its Google Cloud Platform, a cloud-based service that helps businesses run software.
“Google News has been a leading source of news for more than three decades and we’re disappointed to see the impact this change will have on the editorial staff,” Google said in a statement.
“The company has already taken significant steps to reduce our costs and has already begun to prioritize the creation of new revenue opportunities that will help offset this.”
Google said the layoffs would be temporary and that the company would provide employees with severance payments, stock grants and other compensation.
The news comes days after the Wall Street Journal reported that Google has been cutting more than 10,000 jobs at its Mountain View, California, headquarters.
The company said Monday that it will continue to reduce its staff and “reinvest heavily in our infrastructure” as part the effort to turn around its finances.