cuts Archives

UWM cuts out title insurer with updated TRAC+ program, rolls out 0% down purchase initiative

“As a result, a broker will no longer need to work with a title company or settlement agent for title work, balancing fees, scheduling the closing, or any related communication when they use TRAC+,” the company said in a prepared statement. The first version of TRAC, launched in October 2022, is still available at a [...]read moreUWM cuts out title insurer with updated TRAC+ program, rolls out 0% down purchase initiative

Converse cuts jobs as part of parent Nike’s cost-savings plan

May 15, 2024 mpsingh No Comments Business Converse, costsavings, cuts, jobs, Nikes, Parent, Part, Plan

By Bloomberg Published May 14, 2024 Converse is cutting some jobs as parent company Nike Inc. trims its staff across divisions in search of cost savings. Bloomberg Nike is undergoing a $2 billion cost-cutting plan that includes slashing 2% of its workforce. Layoffs have hit its Oregon headquarters across two rounds, with the process expected [...]read moreConverse cuts jobs as part of parent Nike’s cost-savings plan

Shoemaker Geox cuts full-year sales outlook, wholesale weighs on Q1 figures

May 15, 2024 mpsingh No Comments Business cuts, figures, fullyear, Geox, Outlook, sales, shoemaker, Weighs, wholesale

By Reuters API Published May 14, 2024 Italian shoemaker Geox cut its full-year sales growth outlook on Tuesday, citing inflationary pressures as it reported a double-digit yearly drop in first-quarter revenues due to weakness in its wholesale channel. Reuters The maker of breathable, waterproof footwear now expects 2024 revenue to drop by a mid-single-digit percentage [...]read moreShoemaker Geox cuts full-year sales outlook, wholesale weighs on Q1 figures

Coach parent Tapestry cuts sales forecast on tepid demand in US, China

May 10, 2024 mpsingh No Comments Business China, Coach, cuts, demand, forecast, Parent, sales, Tapestry, tepid

Coach handbag maker Tapestry cut its annual sales forecast and missed third-quarter revenue estimates on Thursday, signaling weak demand for its tote bags and accessories in North America and China. See catwalkCoach – Spring-Summer2024 – Womenswear – Etats-Unis – New York – © Launchmetrics Shares of the Kate Spade owner fell 2% as the company [...]read moreCoach parent Tapestry cuts sales forecast on tepid demand in US, China

Tesla sends another wave of layoff notices as employees enter 4th week of job cuts

May 7, 2024 mpsingh No Comments Auto 4th, cuts, Employees, enter, Job, Layoff, notices, sends, Tesla, wave, Week

Tesla CEO Elon Musk told staff Tesla would cut more than 10% of its workforce.Nathan Howard and Justin Sullivan via Getty Images Tesla sent out another round of layoff notices on Sunday night, impacted workers wrote on social media. Elon Musk told staff Tesla planned to cut more than 10% of its workforce last month. [...]read moreTesla sends another wave of layoff notices as employees enter 4th week of job cuts

Luminar cuts 20% of staff and outsources lidar production

May 4, 2024 mpsingh No Comments Technology cuts, lidar, Luminar, outsources, production, staff

Lidar company Luminar is slashing its workforce by 20% and will lean harder on its contract manufacturing partner as part of a restructuring that will shift the company to a more “asset-light” business model, as it aims to scale production. The cuts will affect around 140 employees, and are starting immediately. Luminar is also cutting [...]read moreLuminar cuts 20% of staff and outsources lidar production

OPEC+ expected to extend supply cuts to stave off a global surplus and shore up prices

May 2, 2024 mpsingh No Comments Auto cuts, expected, extend, global, OPEC, prices, Shore, stave, supply, surplus

OPEC+ is expected to prolong oil output cuts into the second half of the year as it seeks to stave off a global surplus and shore up prices. Saudi Arabia and its partners have been keeping roughly 2 million barrels-a-day offline this year, and will meet on June 1 to consider whether to continue. Crude [...]read moreOPEC+ expected to extend supply cuts to stave off a global surplus and shore up prices

Estée Lauder cuts revenue outlook as challenges in China persist

May 2, 2024 mpsingh No Comments Business Challenges, China, cuts, Estée, Lauder, Outlook, persist, Revenue

By Bloomberg Published May 1, 2024 Estée Lauder Cos. lowered its revenue outlook for the remainder of the year as the company faces lackluster demand for its high-end products in China. Estée Lauder The company noted ongoing weakness in prestige beauty in mainland China in the most recent quarter, “reflecting subdued consumer confidence and softness [...]read moreEstée Lauder cuts revenue outlook as challenges in China persist

Tesla lays off executives, cuts Supercharger division

April 30, 2024 mpsingh No Comments Auto cuts, Division, executives, lays, Supercharger, Tesla

Tesla cut two key executives and laid off the 500 staff members who supported the operations of its Supercharger EV charging network, The Information reported on Tuesday, citing CEO Elon Musk’s email to senior managers. Musk cited falling sales and impatience with the overall progress in headcount reduction as the primary drivers behind the cuts [...]read moreTesla lays off executives, cuts Supercharger division

Indian ride-hailing giant Ola cuts 180 jobs in profitability push

April 29, 2024 mpsingh No Comments Technology cuts, giant, Indian, jobs, Ola, profitability, push, ridehailing

Ola has let go its chief executive Hemant Bakshi, merely four months after making the appointment, and is cutting about 180 additional jobs, a source familiar with the matter told TechCrunch. The move from the Indian ride-hailing startup is aimed at “improving profitability,” its founder and chairman Bhavish Aggarwal told employees in an email Monday [...]read moreIndian ride-hailing giant Ola cuts 180 jobs in profitability push