Vail Resorts reported a quarterly loss that missed analyst expectations, despite revenue exceeding estimates. The company announced a $100 million transformation plan, including workforce reductions, and provided an optimistic outlook for fiscal year 2025.
Stratasys, a 3D printing company, reported disappointing second-quarter results, missing revenue expectations and lowering its full-year guidance. The company also announced plans to reduce its workforce by 15% to cut costs and improve profitability. Despite the negative news, some analysts remain optimistic about the company’s future prospects.
Mastercard is cutting its global workforce by 3%, impacting around 1,000 employees. The company cites realignment and investment in long-term opportunities as reasons for the reduction, which is expected to be completed by September 30. Despite the layoffs, Mastercard reported strong second-quarter results, exceeding revenue and earnings estimates.
Amidst a slight sales decline and adjusted earnings forecast for 2024, global pharmaceutical and chemical giant Bayer AG has announced a strategic move to reduce its workforce by 1500 positions, primarily in management. This downsizing initiative aims to achieve significant cost savings and streamline operations towards Bayer’s long-term goals.
Tesla is cutting over 10% of its workforce, or about 14,000 jobs, due to slowing demand and falling margins. The United States has seen the most layoffs, with over 6,000 positions eliminated in California and Texas. In Germany, Tesla’s Giga Berlin plant is reducing its workforce by 400 jobs. China, with a workforce of approximately 20,000, is expected to see the most layoffs, with an estimated 7,600 jobs to be cut.
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.
Beleaguered solar giant SunPower Corp. (NASDAQ: SPWR) has announced a series of cost-cutting measures, including workforce reductions, residential installation location closures, and the discontinuation of direct sales. The move comes amid ongoing financial challenges and a revision of the company’s past financial results. SunPower’s restructuring aims to simplify its operations, reduce expenses, and focus on more sustainable and profitable areas within the solar industry.
Tesla, the leading electric vehicle manufacturer, reported a 9% decline in revenue for the first quarter of 2024, the company’s largest revenue drop since 2012. The decline has been attributed to a combination of falling sales and increasing competition in the EV market. In response to these challenges, Tesla has implemented several measures, including reducing the prices of three of its most popular models and cutting 10% of its workforce. The company’s stock price has fallen significantly since the start of the year, but it showed signs of recovery in after-hours trading on Tuesday following the announcement of accelerated production plans for new and more affordable models.
