Layoffs

Block (NYSE:SQ) stock surged by nearly 14% in premarket trading on Friday following the company’s Q4 2023 earnings report. The report showcased a significant increase in gross profit and robust growth in the Square and Cash App revenue. What Happened: The company, previously known as Square,...

BuzzFeed Inc‘s (NASDAQ:BZFD) share price rose by 137.42% to $0.52 in after-hours trading after the company revealed the sale of Complex Networks to NTWRK, a live-streaming video commerce platform. The deal, valued at $108.6 million, will also result in a 16% reduction in BuzzFeed’s...

Cisco Systems Inc (NASDAQ: CSCO) joined Alphabet (NASDAQ: GOOG), Amazon.com Inc (NASDAQ: AMZN),Microsoft Corporation (NASDAQ: MSFT) in entering 2024 with job cuts as it announced it will be decreasing its workforce by 5% which implies eliminating about 4,250 jobs. Although...

Stocks made new record highs, with the S&P 500 reaching a closing high of 5,029.73 on Thursday and an intraday high of 5,038.70 on Friday. For the week, the S&P shed 0.4%. The index is now up 4.9% year to date and up 39.9% from its October 12, 2022 closing low of 3,577.03. The strength of...

Mark Zuckerberg, CEO of Meta Platforms Inc (NASDAQ: META), shed light on the ongoing trend of layoffs within the tech industry, attributing it to a shift towards more efficient operational models. In an episode of "The Morning Brew" on Friday, Zuckerberg...

Morgan Stanley (NYSE: MS) is set to enact job reductions within its wealth management sector, as newly appointed CEO Ted Pick initiates cost-cutting measures amid signs of a slowdown in this crucial segment of the firm's operations. The Wall Street Journal reports Wednesday the...

In a strategic move to invest in generative artificial intelligence (AI), major tech companies have collectively cut 34,000 jobs since the beginning of 2024. What Happened: Companies such as Microsoft Corp (NASDAQ:MSFT), Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG), PayPal Holdings Inc (NASDAQ:PYPL),...

Cisco Systems, Inc. (NASDAQ:CSCO) is reportedly set to restructure its operations, potentially resulting in thousands of job cuts as it aims to prioritize high-growth sectors. The exact count of affected employees is still under consideration by the company, Reuters reported, citing three people...

Amazon.com Inc (NASDAQ:AMZN) has announced that it will lay off hundreds of employees at its One Medical and Pharmacy units as part of a major cost-cutting initiative. What Happened: These layoffs are part of a significant cost-saving drive intending to save One...

Amazon (NASDAQ:AMZN) has hinted at the possibility of further layoffs despite its recent financial success. What Happened: Business Insider reported that during a call with journalists on Thursday, Amazon’s Chief Financial Officer Brian Olsavsky suggested that the company may continue with...

In a move to reassure investors of its ongoing recovery, Deutsche Bank AG (NYSE:DB) has announced a series of measures, including job cuts, share buybacks, and dividends. What Happened: The German lender revealed on Thursday that it would be reducing its workforce by 3,500 employees, primarily in...

After a noticeable declining trend in tech layoffs during the second half of 2023, the trend appears to be reversing. The number of employees laid off in the tech sector increased by 304% in January 2024 as compared to December 2023. Restructuring, cost-cutting, leaner organization, efficiency —...

Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google estimates that it will spend $700 million in the first quarter of 2024 on employee severance amid a flurry of layoffs in the tech industry. What Happened: Google's estimate of $700 million in severance costs during the March 2024 quarter is a...

Block Inc., co-founded by Twitter creator Jack Dorsey, has initiated a major layoff strategy, affecting over a thousand employees across various sectors of the company. What Happened: Block Inc. (NASDAQ:SQ) on Wednesday laid off a significant portion of its workforce. The layoffs predominantly...

Defense contractor Lockheed Martin (NYSE:LMT) has revealed plans to eliminate 1% of its global workforce as part of a cost-reduction strategy. What Happened: Lockheed Martin intends to reduce its workforce by 1% over the course of 2024 in a bid to streamline operations and decrease costs, CNBC...