Google's (GOOGL  ) parent company Alphabet has announced that the tech giant will "slow down" spending and hiring in the coming year as coronavirus impacts not only demand for their services but also their ad revenue. Alphabet CEO Sundar Pichai said in a memo to employees that spending in areas such as data centers and hiring, in general, will be decreased.

"We believe now is the time to significantly slow down the pace of hiring, while maintaining momentum in a small number of strategic areas where users and businesses rely on Google for ongoing support, and where our growth is critical to their success," Pichai wrote in the memo.

"Beyond hiring, we continue to invest, but will be recalibrating the focus and pace of our investments in areas like data centers and machines, and non-business essential marketing and travel," he continued.

Until this memo was released, Google has been tight-lipped about the effects the pandemic is having on their business. They have not disclosed to the Securities and Exchange Commission any information on the virus's effects or potential problems caused by the pandemic. Other tech giants like Apple (AAPL  ) and Facebook (FB  ) have been more forthcoming.

In mid-February, Apple announced it did not expect to meet its revenue projections made in late January due to the effects of the virus. It announced that iPhone supply chains would be constrained and production would be slowed. Demand for their products is also being affected by the pandemic. Apple said its thoughts "remain with the communities and individuals most deeply affected by the disease, and with those working around the clock to contain its spread and to treat the ill."

Google's ad-rival, Facebook, announced in mid-March that the use of their messaging services had increased significantly in countries ravaged by the virus.

"In a time of disaster, people rely more on social services more... we are seeing surges in traffic, especially in areas most affected," Zuckerberg said in a conference call with reporters. "People want to stay connected while being asked to maintain social distancing and eliminate loneliness."

At the same time, ad revenue is falling across the board, and the company said they would lose money in the short-term. Still, Facebook's ad revenue is expected to "bounce back" in 2021, according to the Cowen analyst team.

Google is expected to generate $54.3 billion in income in 2020 while Facebook is expected to bring in $33.7 billion, according to Cowen's forecast. Cowen & Co. expect ad revenues in the U.S. to be down 11% year-over-year in 2020, a 17% drop from previous estimates. Travel, retail, and auto industries are all cutting ad spending for 2020, according to the report.