Cisco Systems, Inc. (CSCO) shares are surging in pre-market trading after the company reported better-than-expected fourth-quarter earnings, fueled by strong product orders. Despite revenue decline, Cisco’s focus on cybersecurity, cloud systems, and artificial intelligence (AI) is driving growth. However, the company announced plans to cut thousands of employees to reallocate resources towards these key areas.
Following Elon Musk’s takeover of Twitter, the company faced widespread layoffs and a tumultuous transition period. Now, the Irish Workplace Relations Commission has ruled that the dismissal of a senior executive, Gary Rooney, was unfair, citing Musk’s ultimatum email as an attempt to force employees into new terms without proper notice or consultation. The regulator ordered Twitter to pay Rooney over $600,000 in compensation.
Intel is facing mounting challenges, evidenced by the sale of its entire stake in Arm Holdings and recent layoffs. The company’s struggles in the CPU market, coupled with issues with its latest processors, have significantly impacted its stock value and led to a suspension of dividends. This article explores the details of Intel’s current situation and potential implications.
Paramount Global is undergoing significant restructuring, including layoffs affecting approximately 2,000 U.S.-based employees. The company aims to streamline its operations and enhance profitability, focusing on its streaming platform. While Paramount’s revenue has shown growth in recent years, its stock performance has lagged behind the market and its sector.
Exxon Mobil has announced layoffs affecting 59 employees following its recent acquisition of Pioneer Natural Resources. The layoffs are part of a workforce restructure, and the company has offered positions to over 1,500 of Pioneer’s employees. Despite the layoffs, Exxon reported strong second-quarter revenue and earnings, exceeding analysts’ expectations.
Reliance Industries, a major Indian conglomerate, has reportedly cut 42,000 jobs, or 11% of its workforce, during the 2023-24 fiscal year. The layoffs, concentrated in the retail sector, have raised concerns about the economic impact and the lack of public discussion surrounding this significant event.
This week’s Tech Talk Show dives into the latest tech news, including AMD’s Ryzen 9000 series CPUs, NVIDIA’s AI training practices, Intel’s layoffs, and the demanding PC requirements for Star Wars Outlaws. The episode also explores the future of gaming with the increasing reliance on upscaling technologies.
As fears of a recession escalate, companies across North America are implementing significant layoff drives. Thousands of employees have been let go in the US and Canada, contributing to rising unemployment rates. This comes amidst a slowdown in job growth and warnings from economists about an impending recession. Notably, Amazon, Intel, and other major companies have announced substantial job cuts, highlighting the economic uncertainty facing businesses.
Indian wrestler Vinesh Phogat was disqualified from the Paris Olympics due to weight issues, while Dell announced major layoffs affecting 12,500 employees. Meanwhile, Bangladesh saw deadly clashes give way to the formation of an interim government led by Nobel laureate Muhammad Yunus. Stock markets in India also rebounded sharply.
News platform Axios is laying off 50 employees, or 10% of its workforce, citing a changing media landscape. The move comes as several US media companies face shrinking advertising revenue and slow web traffic. CEO Jim VandeHei acknowledged the difficult decision but emphasized the need to adapt to evolving reader habits and technology.
