In a bid to optimize costs, Nike has announced the layoff of 740 employees at its Oregon headquarters, representing a 2% reduction in its global workforce of over 83,000. This move is part of a three-year plan to save $2 billion in expenses. The layoffs follow a recent string of workforce reductions by other major companies navigating challenging economic conditions.
WBUR, the public radio station owned by Boston University, has announced layoffs and buyouts that will impact approximately 14% of its staff. The cost-cutting measures aim to address ongoing financial challenges, including a decline in advertising revenue.
In a move that is expected to impact the region’s employment market, Tesla has announced plans to lay off thousands of employees in the Bay Area, including at its Fremont electric vehicle factory. The company will cut 2,700 jobs in the region, with an estimated 1,452 layoffs occurring at the Fremont factory. Layoffs are also planned at multiple other locations in Fremont and Palo Alto.
Tesla recently laid off its entire 40-person US growth content team, just four months after its formation. The decision came after CEO Elon Musk criticized the team’s work as being too generic. Musk has previously emphasized Tesla’s reliance on word-of-mouth advertising, but a drop in vehicle deliveries this year has led to concerns that the layoffs may give competitors an advantage.
SunPower (Nasdaq: SPWR) has announced that it will be winding down its residential solar installations and laying off 1,000 employees. The company, which is one of the largest residential solar installers in the US, has struggled financially in recent months and defaulted on a credit agreement in late 2023. The layoffs will reduce SunPower’s workforce by approximately 20%. Going forward, the company plans to focus on its dealer network and installation partners, as well as its new homes business. SunPower’s announcement is a blow to the US residential solar industry and comes amidst a challenging time for the sector.
SunPower (SPWR) announced a restructuring plan to reduce operating costs, including workforce reductions, closures, and write-offs. CEO Tom Werner stated the measures are necessary to achieve financial viability and simplify operations. The company expects to incur $28 million in restructuring charges.
Microsoft’s acquisition of Activision Blizzard King raised concerns about potential changes to King’s game development strategy. However, King President Tjodolf Sommestad believes the company will maintain its independence and focus on mobile gaming. Sommestad acknowledges the industry-wide layoffs but remains optimistic about the future of mobile gaming.
Tesla is set to incur costs of over $350 million in the current quarter following the recent mass layoffs. The company aims to reduce 10% of its global workforce as part of a strategic shift towards more affordable models, to be launched by early 2025. The move is intended to drive cost reductions and enhance productivity. Despite the layoffs, Wall Street analysts anticipate Tesla will report a second-quarter profit of $2.24 billion, indicating an improvement from the $1.59 billion first-quarter profit.
Stellantis, the parent company of Jeep, has announced plans to lay off an unspecified number of workers at its U.S. factories in the coming months to address the rapidly changing global auto market and the transition to electric vehicles. Despite reduced U.S. sales in the first quarter and increased capital spending, the company aims to improve productivity and ensure long-term sustainability. Details regarding the start of layoffs and specific reasons were not disclosed, but Automotive News reported recent layoffs at a Ram pickup truck factory in Michigan. CEO Carlos Tavares emphasizes the need for cost-cutting measures to make electric vehicles affordable for the middle class.
Stages Cycling, a prominent power meter and indoor cycling brand, has reportedly laid off its entire workforce and ceased operations. According to multiple sources, the company has stopped placing orders with suppliers and shipping products to customers. The brand’s website shows most of its products as out of stock, indicating a halt in business activities.
