Google parent Alphabet saving $1 billion annually as employees work from home

Google parent company Alphabet Inc. is saving $1 billion annually since Google employees were forced to work from home because of the coronavirus pandemic.

A company filing showed that Alphabet saved $268 million in the first quarter of the year since it has not been spending as much money on travel, promotions and entertainment.

The company said the decrease in money spent in those areas was “primarily as a result of COVID-19.”

Over a year, more than $1 billion dollars would be saved, on par with the company’s reported savings in 2020.

The company saved $1.4 billion in 2020 when it paused or rescheduled campaigns, moved events online, and reduced other forms of spending, the company’s annual report said.

Google began opening some of its offices in April and will continue to phase in employees in certain areas, depending on the coronavirus case rate.

As millions continue to get vaccinated, many are hopeful that they will be able to return to the office after spending almost a year working remotely.