It's pretty much all but confirmed that Google will conduct layoffs. Sundar's QA in December hinted at layoffs which pretty much turned every hallway conversation at Google into anticipation of the looming layoffs.

Even besides any layoffs, instead of letting go of 2% of low performers as is usual, Google is now letting go of 6% tripling the number of people trimmed from the workforce just via performance.

Secondly, any employees that has had a 1:1 conversation with their manager in the latter half of December is expected to be formally laid off this month. These conversations have already happened before the new year, and were not an "effective now" notice, but a warning to soften the blow that is to come.

Edit: Some Googlers clarify in the comments below that layoffs may or may not happen, but 6% of the workforce will be qualified as low performers.