Maersk's Job Cuts and Plummeting Profits: A Shipping Giant's Struggle

Shipping giant Maersk has announced plans to cut over 10,000 jobs and expects its profit to be at the lower end of prior guidance, causing its Denmark-listed shares to plunge 18%. The company cited subdued demand, overcapacity, and inflationary pressure on its cost base as reasons for the job cuts and profit outlook. Maersk maintained its full-year EBITDA guidance but anticipates it to come in at the lower end of the range. The company reported a drop in third-quarter revenue and is implementing cost and cash containment measures to address the challenging macroeconomic environment.