All articles tagged with #workforce cuts
Aston Martin will cut about 600 jobs (20%) after net losses rose by more than 50% last year, blaming US tariffs for the downturn. The luxury carmaker faces a tougher market, needs to accelerate electrification/hybrid tech, and may seek partnerships (e.g., with Mercedes) to regain profitability, while the West Midlands economy feels the impact of the cuts and industry-wide shifts toward EVs and changing consumer demand.
Microsoft's CFO Amy Hood emphasized the need for 'intensity' in the upcoming fiscal year following a $27 billion quarterly profit, highlighting continued growth in Azure and reaffirming priorities like security, quality, and AI transformation, amid ongoing workforce reductions.
Ford plans to significantly reduce the number of hourly workers at its factory producing the F-150 Lightning due to slowing electric vehicle (EV) sales, with a third of the 2,100 workers at the Rouge Electric Vehicle Center in Dearborn, Michigan, set to remain, while 700 will be transferred to the Michigan Assembly Plant and the remaining 700 offered retirement packages or reassignments. This decision comes as Ford faces weaker-than-expected EV sales growth, particularly for the F-150 Lightning, despite a 55% increase in sales last year, leading to rising inventories and slower sales for the electric truck.
PayPal reported better-than-expected fourth-quarter earnings with revenue of $8.03 billion, up 9% from the previous year, but issued guidance below estimates, anticipating full-year earnings of $5.10 per share, falling short of analysts' expectations. The company also announced a workforce cut of 9% and introduced new artificial intelligence features as part of its transformation efforts under CEO Alex Chriss.