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Image of article 'Salesforce to buy office chat app Slack for $28 billion'

Salesforce to buy office chat app Slack for $28 billion

Its valuation was about $19.5 billion when it went public last year, but its shares sank later.While Slack said in September that the pandemic had created a “significant increase in demand and usage of Slack”, it also said it did not expect that rise to continue.

Buying Slack would help Salesforce’s customers make the digital transformation, he said.

Salesforce said it planned to incorporate Slack’s communication software into every aspect of its cloud software offerings.

Butterfield will continue leading Slack, which will become an operating unit of Salesforce.

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Image of article 'Uber, JetBlue join Amazon-backed Climate Pledge'

Uber, JetBlue join Amazon-backed Climate Pledge

Amazon said Wednesday that five companies, including Uber and JetBlue, have joined its Climate Pledge, a commitment to be net-zero carbon by 2040.

Chief Executive Officer Jeff Bezos last year pledged to make the largest US e-commerce company net carbon neutral by 2040, as employees and consumers around the world protested for broader moves to address climate change.

“The transportation sector plays a critical role in accelerating our carbon reduction goals,” Bezos said in a statement Wednesday.

So far 18 companies, including Best Buy and Verizon, have signed up for the Climate Pledge, which was established in 2019.

Environmental activists welcomed that move but said that cutting all emissions related to Amazon, which delivers 10 billion items a year and has a massive transportation and data center footprint, was a huge challenge.

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Image of article 'Google’s Irish tax bill falls to €263m as turnover rises to €47.5bn'

Google’s Irish tax bill falls to €263m as turnover rises to €47.5bn

Google, which has been in Ireland for 17 years, paid out €617.9 million in staff-related costs last year, up from €543.7 million in 2018.

“2019 was a strong year of sustained growth for Google Ireland as we continue to deliver value for our advertisers, publishers and partner networks across Europe, the Middle East and Africa,” a company spokeswoman said.

The internet giant paid a €500 million dividend to its immediate parent, Irish-registered Google Europe, Middle East and Africa Unlimited, a new entity created last year.

Accounts newly filed at Companies Office show that Google Ireland recorded a €1.94 billion pretax profit in 2019 up from €1.7 billion a year earlier.

Turnover at Google Ireland rose by €7.6 billion last year to €45.7 billion as the amount it paid in tax fell by nearly €9 million to €263 million.

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Image of article 'Danone to cut 2% of its workforce, to cope with the pandemic (OTCMKTS:DANOY'

Danone to cut 2% of its workforce, to cope with the pandemic (OTCMKTS:DANOY

To revive profitability after getting hit by the coronavirus pandemic, the French food company, Danone (OTCQX:DANOY) to cut ~2,000 jobs, including one in four positions at its global headquarters.

The company now targets mid-term recurring operating margin at mid-to-high teen levels and expects cost savings of $1.19B by 2023, part of which will be reinvested in its growth plan and the rest to secure margin expansion.

The company intends to return to profitable growth by 2H2021and its recurring operating margin to be at pre-Covid-19 levels at more than 15% by 2022.

Danone confirmed its expects to reach 3% to 5% profitable revenue growth on a like-for-like basis in the mid term.

The company confirmed its guidance for FY2020 of recurring operating margin at 14% and €1.8B in free cash flow in spite of challenging market conditions in Q4.

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Image of article 'Tyson, facing lawsuits over pandemic-related deaths, spent $540 million on COVID-19 in fiscal 2020'

Tyson, facing lawsuits over pandemic-related deaths, spent $540 million on COVID-19 in fiscal 2020

Read: Tyson Foods investigating whether employees bet on who would get COVID-19 – with help from Eric Holder “We are extremely upset about the accusations involving some of the leadership at our Waterloo plant,” said Tyson Chief Executive Dean Banks in a statement posted on the company website.

COVID-19 ripped through the Waterloo Tyson facility, infecting 1,000 of the 2,800 workers at the plant and killing at least six.

Tyson reported fiscal fourth-quarter adjusted earnings per share of $1.81, up from 50% from the previous year and well ahead of the FactSet consensus for $1.19.

“Despite surging COVID-19 cases, we believe Tyson’s recent investments in worker safety reduces the risk of plant shutdowns anywhere near the rate we saw back in April/May, even under a Biden administration,” Arun Sundaram wrote.

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Image of article 'Under pressure from investor, F5 Networks walks a tightrope after spending $1.6B on acquisitions'

Under pressure from investor, F5 Networks walks a tightrope after spending $1.6B on acquisitions

That was a reference to two major acquisitions made by F5 over the past two years: a $670 million deal for Nginx, the company behind the widely used web and application server technology, announced in March 2019; and its $1 billion purchase of Shape Security, completed in January of this year.

Like other companies, F5 is taking a close look at its overall real estate footprint, Locoh-Donou said, under the theory that many employees will stick to flexible work arrangements even after the pandemic ends — coming into the office more than now, but still not five days a week.

F5’s financial outlook and underlying business have been in the spotlight since activist investor Elliott Management — known for pressuring EMC and others to put themselves up for sale in the past — took a stake in the company.

Deep into the third hour of F5 Networks‘ analyst and investor meeting this week, CEO François Locoh-Donou spoke carefully as he addressed a question about the prospects for future acquisitions by the Seattle-based company.

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Image of article 'Fruitas Holdings plans to open 100 stores next year'

Fruitas Holdings plans to open 100 stores next year

Fruitas said it narrowed its net loss in the third quarter to P19 million from P27 million in the second quarter.

Nine-month net loss stood at P32 million.The company noted an improvement in operations as revenues increased by 90 percent in the third quarter to P167 million from P88 million in the previous quarter when most of its stores were closed because of the pandemic.

Fruitas said in a disclosure to the stock exchange it reopened around 800 stores as of early November and was prepared to reopen the other closed stores once quarantine restrictions were lifted.

It said that despite the pandemic, the company was on the lookout for attractive acquisition opportunities which could be highly scalable and integrated into its suite of products.

Fruitas Holdings Inc., a leading food and beverage kiosk operator, said Friday it will resume its aggressive store network expansion by opening 100 stores next year.

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Huron Consulting rallies 7% on Q3 estimates beat, updated guidance (NASDAQ:HURN

Restructuring plan: Amid COVID-19 pandemic, the company reduces its workforce and leased office space which is expected to result in annualized savings of ~$23-$27M and the reduction in workforce will impact ~145 employees across all segments.

2020 Guidance: Updates its previous guidance and now expects revenue in a range of $835-$855M.

Huron Consulting (HURN ) reports Q3 revenue beats estimates by $4.6M but decreased 6.4% Y/Y to $205.3M. Huron repaid $80M of outstanding borrowings on the company's revolving credit facility during Q3, reflecting strong cash flows during the quarter.

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Image of article 'Coronavirus lockdowns not part of Trump strategy, White House chief of staff says'

Coronavirus lockdowns not part of Trump strategy, White House chief of staff says

White House chief of staff Mark Meadows discusses a potential second wave of coronavirus and President Trump's economic policies for manufacturing.

US ECONOMIC GROWTH SHATTERS RECORD AT 33.1%, BUT FAILS TO SNAP CORONAVIRUS RECESSION The Trump administration is making the economy a top priority as it grew at a record-shattering rate in the third quarter as businesses reopened from the COVID-19 shutdown.

"That's what the president's all about: finding ways to make sure we can grow our economy, lowering taxes.

President Trump is not going to lockdown the economy for the coronavirus pandemic, White House chief of staff Mark Meadows said Thursday.

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Image of article 'Union Pacific Seeks To Sweat Its Assets'

Union Pacific Seeks To Sweat Its Assets

UP's OR was 58.7% for the quarter, compared with 59.5% in the third quarter of 2019, amid lower fuel prices.

The railroad eked out an all-time quarterly record operating ratio (OR) in the third quarter despite a 11% drop in operating revenue.

UP also took on additional workforce reduction in its operating department and integrated intermodal operations into the transportation department, according to Vena.

In the third quarter, UP and others within the supply chain got tangled from congestion at the U.S. West Coast ports as inland customers were restocking their inventories.

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Image of article 'The Market Is Betting Trump Will Lose the Election. Here’s the Playbook if It’s Wrong.'

The Market Is Betting Trump Will Lose the Election. Here’s the Playbook if It’s Wrong.

Big technology giants could also face less pressure under another Trump administration, according to TS Lombard’s chief U.S. economist Steven Blitz and head of strategy Andrea Cicione.

Regardless of the composition of Congress, if Trump wins, Senyek sees traditional energy companies—especially refiners and midstream companies—as immediate beneficiaries.

“We don’t believe that President Trump being re-elected in 2020 would lead to similar moves in the growth outlook, rates, commodities or the dollar,” Senyek said.

If there is a status quo outcome, with Trump in the White House and a split Congress, Senyek expects a continued heavy reliance on executive orders and regulatory changes.

In a note to clients this week, Wolfe Research Chief Investment Strategist Chris Senyek said Trump still has a narrow path to reelection—for example, even if he loses two out of three in Michigan, Pennsylvania, and Wisconsin, he can still prevail if he can hold all the other states he won in 2016.

published job layoffs economy
Image of article 'Quibi's founder and CEO explain what went wrong'

Quibi's founder and CEO explain what went wrong

Disclosure: NBCUniversal is the parent company of CNBC Correction: Meg Whitman is CEO of Quibi and was not a co-founder.

Whitman said the company has at least $350 million in cash, but expects there will be "much more" to return to shareholders following its wind down.

Quibi founder Jeffrey Katzenberg and CEO Meg Whitman told CNBC on Thursday that a convergence of factors led to the failure of the short-form entertainment service for mobile phones.

But the app debuted just weeks after the pandemic hit the U.S. and hampered travel, meaning people weren't commuting and turning to their phones for entertainment.

Quibi, which cost $4.99 per month, originally projected it would have more than 7 million subscribers after its first year, but it only had about 500,000 subscribers as of a few weeks ago, CNBC reported.

published job layoffs technology

Patterson-UTI Energy EPS beats by $0.01, beats on revenue (NASDAQ:PTEN

"Based on our customer engagement, we expect activity will continue to improve through at least the first quarter of 2021.

Assuming commodity prices remain around current levels, we expect our profitability will be at or near an inflection point in the fourth quarter and move higher in early-2021," Andy Hendricks, Patterson-UTI's Chief Executive Officer

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Image of article '4 Democratic senators demand Jeff Bezos respond to allegations that Amazon spies on staff and undermines their right to unionize'

4 Democratic senators demand Jeff Bezos respond to allegations that Amazon spies on staff and undermines their right to unionize

German Amazon workers went on strike on Prime Day after the company scrapped their COVID-19 bonus payments, and earlier in October former Amazon employees protested outside Jeff Bezos' home, calling for free healthcare, better protective equipment and cleaning supplies, and increased hazard pay.

An Amazon spokesperson said the company respects its employees' "right to join, form or not to join a labor union or other lawful organization of their own selection, without fear of retaliation, intimidation or harassment or harassment."

Four Democratic senators have demanded that Amazon's CEO Jeff Bezos respond to allegations that the company spies on its staff and undermines their right to unionize.

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Image of article 'British Airways CEO Alex Cruz steps down with the industry in crisis and is replaced by Aer Lingus boss Sean Doyle'

British Airways CEO Alex Cruz steps down with the industry in crisis and is replaced by Aer Lingus boss Sean Doyle

Cruz told a government committee on September 16 that the coronavirus pandemic "has devastated our business, our sector, and we're still fighting for our own survival," adding that the company was burning through £20 million, or about $26 million, a day.

Cruz, who was appointed chairman and chief executive of the flag-carrying airline in 2016, will be replaced by Sean Doyle, the CEO of Aer Lingus, the Dublin-based airline also owned by International Airlines Group.

The CEO of British Airways, Alex Cruz, has stepped down, the airline's parent company said Monday.

Cruz told a government committee in September that the airline was burning through £20 million, or about $26 million, a day and "fighting for its survival."

British Airways CEO Alex Cruz is stepping down and will be replaced by Aer Lingus CEO Sean Doyle.

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Image of article 'Microsoft To Let Most Employees Work Remotely For Up To Half Their Weekly Working Hours'

Microsoft To Let Most Employees Work Remotely For Up To Half Their Weekly Working Hours

Microsoft Corp said on Friday it would allow most of its employees to clock in up to half their weekly working hours remotely, providing greater flexibility even after offices start reopening.

The software-maker said in a blog post that while returning to office is optional for most employees for now, Microsoft was not committing to having every employee work remotely.

The Redmond, Washington-based company had about 163,000 full-time employees as of June.

Earlier in May, Twitter Inc became the first major tech company to allow employees who can work remotely to do so indefinitely.

Facebook Inc had said it would allow its employees to work from home till July next year, while Google had extended the remote working period for employees who do not need to be in the office till June.

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Image of article 'Microsoft to let most employees work remotely for up to half their weekly working hours'

Microsoft to let most employees work remotely for up to half their weekly working hours

REUTERS: Microsoft said on Friday (Oct 9) it would allow most of its employees to clock in up to half their weekly working hours remotely, providing greater flexibility even after offices start reopening.

The software-maker said in a blog post that while returning to office is optional for most employees for now, Microsoft was not committing to having every employee work remotely.

The Redmond, Washington-based company had about 163,000 full-time employees as of June.

Earlier in May, Twitter Inc became the first major tech company to allow employees who can work remotely to do so indefinitely.

Facebook Inc had said it would allow its employees to work from home till July next year, while Google had extended the remote working period for employees who do not need to be in the office till June.

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Image of article 'Medtronic Board Chairman bids adieu (NYSE:MDT'

Medtronic Board Chairman bids adieu (NYSE:MDT

Medtronic (NYSE:MDT) announces that Omar Ishrak will retire as Executive Chairman and Chairman of its Board of Directors effective December 11, 2020.

Geoff Martha, CEO, will succeed Ishrak as Chairman of the Board.

Martha has served on the Board since November 2019 and has been CEO since April 2020.

Mr. Ishrak has served as Chairman of the Board since joining Medtronic as CEO in June 2011.

He retired as CEO in April 2020, and stayed on as Board Chairman to ensure a smooth transition.

published job layoffs finance business
Image of article 'Aurora increases executive compensation after layoffs, $3.3 billion in losses'

Aurora increases executive compensation after layoffs, $3.3 billion in losses

Chief financial officer Glen Ibbott, former president Steve Dobler, chief operating officer Allan Cleiren and chief legal officer Jillian Swainson also saw their compensation rise.

Executive chairman and former interim chief executive Michael Singer earned about $2.8 million during the same period, up from his previous $2.1 million.

The Edmonton-based cannabis company's proxy circular released this week shows former chief executive Terry Booth was rewarded with $4.8 million in compensation in the company's latest fiscal year, up from $2.4 million in the year prior.

EDMONTON -- Aurora Cannabis Inc. handed out millions in compensation and salary increases to executives as the company was laying off at least 1,000 workers and reporting billions in losses.

The company said this month that it incurred $3.3 billion in losses in its 2020 fiscal year, including $1.86 billion in its latest quarter due to large impairment charges.

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Image of article 'Amazon: Nearly 20,000 U.S. workers tested positive for COVID-19'

Amazon: Nearly 20,000 U.S. workers tested positive for COVID-19

Based on that analysis, if the rate among Amazon and Whole Foods employees were the same as that for the general population, it estimated it would have seen 33,952 cases among its workforce.

The Seattle-based company said that it examined data from March 1 to Sept. 19 on 1.37 million workers at Amazon and Whole Foods Market across the U.S.

The disclosure comes after months of pressure from Amazon workers and labour groups calling for the company to divulge the COVID-19 numbers.

NEW YORK -- Amazon said Thursday that nearly 20,000 of its front-line U.S. workers have tested positive or been presumed positive for the virus that causes COVID-19.

published job layoffs business
Image of article 'Rolls-Royce Holdings: Unattractive Due To Large Civil Aviation Exposure (OTCMKTS:RYCEF'

Rolls-Royce Holdings: Unattractive Due To Large Civil Aviation Exposure (OTCMKTS:RYCEF

Right now Rolls-Royce assumes that in the second half of the year the flying hours will be down 55% Y/Y and they’ll be able to return to its 2019 levels only in late 2022.

While in 2020, Rolls-Royce will experience a major decline in revenues, its top-line growth in 2021 is also forecasted to be too small and it will not recover to its 2019 levels in the following years.

In addition, £3.2 billion of Rolls-Royce debt matures in the next year and a half, and with negative margins, which are way below the industry’s peers, the company will have no other option but to raise even more debt.

Earlier this year, major rating agencies decreased the company’s credit rating to distressed levels, as the company expects to burn even more cash in the following months and have a net debt position of £3.5 billion at the end of the current fiscal year.

With an 80% exposure to the civil aviation field, Rolls-Royce Holdings (OTCPK:RYCEF) will continue to lose money in the next few years.

published job layoffs business finance

Spirit Airlines, union reach deal to avoid 600 pilot furloughs (NYSE:SAVE

Spirit Airlines' (NYSE:SAVE) pilots union says it reached an agreement to avoid involuntary furloughs of ~600 pilots when federal aid runs out in October.

Roughly half of Spirit's 2,500-plus pilots would work fewer hours, cutting costs that helps the company avoid involuntary cuts, the Air Line Pilots Association says.

Spirit had said it could furlough as many as 2,500 employees throughout the company, but the "actual number will be a small fraction" after some signed up for voluntary leaves.

Earlier today, American Airlines said it is planning to cut 19K jobs, including 1,600 of its 15K, in October, unless it gets more federal aid, and Delta Air Lines said yesterday it plans to furlough 1,941 pilots this fall without an agreement.

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Image of article '6 Bon Appétit Test Kitchen stars have left amid a reckoning over how the company treats employees of color — here's the full list'

6 Bon Appétit Test Kitchen stars have left amid a reckoning over how the company treats employees of color — here's the full list

Six of the 13 members of Bon Appétit's famed Test Kitchen have announced that they will no longer appear in videos for the food magazine.

Former and current employees of Bon Appétit told Business Insider in June that the company compensates employees of color differently for video appearances than white employees.

Bon Appétit has not released a video on its beloved Test Kitchen channel since June 5, amid a reckoning of how the food brand treats and compensates its employees of color.

Six members of Bon Appétit's 13 on-camera talent have announced that they will no longer appear in videos with the food magazine's Test Kitchen brand: Rick Martinez, Sohla El-Waylly, Priya Krishna, Gaby Melian, Molly Baz, and Carla Lalli Music.

Former and current employees of Bon Appétit told Business Insider in June that the company compensates employees of color differently than their white colleagues.

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