We want to hear from readers who have stories to share about the effects of increasing costs and a changing economy. If you’d like to share your experience, write to readerstories@marketwatch.com. Please include your name and the best way to reach you. A reporter may be in touch. A record number of U.S. renter households — … 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
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
The federal government on Wednesday hit Amazon.com Inc. with worker-safety related citations and penalties at three more warehouses, two weeks after issuing citations at the company’s warehouses in three different states. The latest citations are the result of the Occupational Safety and Health Administration’s investigation of Amazon AMZN, -0.06% warehouses stemming from referrals from the … 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
Splunk Inc. intends to lay off about 4% of its staff as cutbacks in the software industry intensify. The move will impact about 325 employees at Splunk SPLK, +1.34%, mainly in North America. “This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing our processes, cost structure … Read more
The numbers: The employment cost index rose a sharp 1% in the fourth quarter, giving little comfort to a Federal Reserve that worries a rapid rise in wages could make it harder to tame inflation. Economists polled by The Wall Street Journal had forecast a 1.1% increase. Labor costs grew more slowly for the third … Read more