Google and AOL plan for 2011 hiring, while Yahoo downsizes (GOOG, AOL, YHOO)

Google (NASDAQ: GOOG) revealed some positive information on the company’s 2011 employment front today. On the company’s blog, Alan Eustace, the SVP of Engineering and Research states:

I love Google because of our people. It’s inspiring to be part of the team. And that’s why I am excited about 2011—because it will be our biggest hiring year in company history.

Since GOOG’s former biggest hiring year was in 2007 when it brought on 6,000 new employees, that would suggest the company plans to hire over 6,000 people in 2011.

On the same day, GOOG competitor Yahoo (NASDAQ: YHOO) announced that it would be laying off 1 percent if its workforce, which is a total of about 130 employees. This follows Yahoo’s layoff of 600 employees in December 2010.

But GOOG isn’t the only tech firm hiring. AOL (NYSE: AOL) recently posted a billboard in Silicon Valley to help its employee recruitment efforts. Adam Smith, a former product manager at Google recently joined AOL as the company’s West Coast lead.

After GOOG’s news, its price rose to a closing price of $619.91. YHOO fell slightly to $16.02 and AOL rose to $24.13.

Covestor models with exposure to this sector include: MergerArb, Energy, Suncoast Equity, Bottom-Up Analysis Agg, and Speedboat.

*Prices and chart courtesy of Yahoo Finance.