Hundreds of PayPal Holdings Inc. employees have begun to be notified that their jobs are being cut on the same week that Chief Executive Dan Schulman announced thousands of layoffs. According to a PayPal PYPL, +4.88% filing with the state of California, the online-payments company is laying off 319 employees at its San Jose, Calif., … Read more
Shares of FedEx Corp. surged toward their best three-day performance in 19 months on Thursday after two Wall Street analysts said it’s time to buy, noting that the package delivery giant’s announcement of job cuts shows that management is serious about cutting costs. Ken Hoexter of BofA Securities raised his rating on FedEx to buy … Read more
The numbers: The number of Americans who applied for unemployment benefits at the end of January fell to a nine-month low of 183,000, signaling that the U.S. labor market is still going strong despite more reports of corporate layoffs. New applications slipped from 186,000 in the previous week, the government said Thursday. Economists polled by … Read more
The wave of software layoffs continued Thursday as Okta Inc. announced that it was cutting 300 jobs. Chief Executive Todd McKinnon disclosed the layoffs, which will affect about 5% of Okta’s OKTA, +4.87% employees, in an email to staffers Thursday that was also posted to the company’s corporate blog. “A workforce reduction like this is … Read more
Pinterest Inc. reportedly laid off about 150 workers Wednesday, becoming the latest tech company to cut jobs amid economic worries. Bloomberg News reported the cuts affect less than 5% of Pinterest’s workforce, and came across multiple teams. “We’re making organizational changes to further set us up to deliver against our company priorities and our long-term … Read more
For years, Wall Street groused about Silicon Valley’s refusal to pay dividends and buy back stock as tech companies grew into cash-generating machines. That is no longer a problem, even though those tech companies are generating fewer profits than they were in previous years. In fact, some tech companies are basically paying off Wall Street … Read more
Rivian Automotive Inc. RIVN, +1.60% plans to initiate another round of layoffs, the latest in the electric-vehicle startup’s efforts to preserve cash as it confronts challenges scaling its business. In a note to employees sent Wednesday, Chief Executive RJ Scaringe said Rivian plans to trim another 6% of its workforce, mirroring a cut of the same size made last summer in … Read more
Meta Platforms Inc. shares soared in late trading Wednesday despite an earnings miss, as the Facebook parent company guided for potentially more revenue than Wall Street expected in the new year and promised more share repurchases amid cost cuts. Meta META, +2.79% said it hauled in $32.17 billion in fourth-quarter revenue, down from $33.67 billion … Read more
Intel Corp. continues to cut costs for everything except payments to investors. Intel INTC, +3.18%, which is already in the process of cutting what is believed to be thousands of jobs amid steep declines in profit and revenue, is reducing Chief Executive Pat Gelsinger’s base salary by 25% and trimming other salaries at a descending … Read more
Match Group Inc. plans to cut its employee base by 8%, the online-dating company disclosed on its earnings call Wednesday. Chief Financial Officer Gary Swidler told investors that Match MTCH, -8.43% has already reduced roles in the U.S., while the “process is ongoing” internationally. “Our cost savings initiatives are focused on rightsizing headcount and reducing … Read more