Amazon.com Inc (AMZN)
Amazon.com Inc is laying off an additional 9,000 employees, adding to cuts that were already the largest round of firings in the company’s history.
Chief executive officer Andy Jassy announced the cuts, saying they would occur in the coming weeks and primarily affect Amazon Web Services, human resources, advertising and the Twitch livestreaming service groups.
"Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount,” he said.
Marvell Technology Inc (MRVL)
Marvell Technology Inc, a maker of wireless, data processing and storage chips, is cutting about 320 jobs, or 4% of its workforce, in what it said was a response to an industry slowdown.
“We are streamlining our organisation to ensure that our workforce is positioned to take advantage of our most promising opportunities, both now and when we emerge from the current industry downcycle,” the company said. “Specifically, we have been taking a close look at how our teams are distributed across multiple sites, and how they are being managed to ensure their optimal performance.”
First Republic Bank (FRC)
Nike Inc–CL B (NKE)
Nike raised its full-year revenue outlook after reporting quarterly results that beat estimates, but warned of margin pressures as it continues to get rid of excess inventory through heavy discounts.
Nike posted revenue of US$12.39bn in the 3QFY23 beating estimates of US$11.47bn and reported a profit of 79 cents per share above estimates of 55 cents.
The company saw strong demand for its sneakers, including classic styles such as Jordan Retro and newer franchise launches such as LeBron 20, that helped grow its market share. Nike said its apparel inventory fell in 3Q and expects FY23 with "healthy" inventory levels.
Starbucks Corp (SBUX)
Unionised Starbucks Corp baristas plan to welcome their new chief executive officer with strikes at about 100 cafes, demanding that the company drop its alleged antiunion coercion.
The work stoppage, which organisers said will involve stores in more than 40 US cities, is the union Starbucks Workers United’s latest effort to force a pivot by the coffee giant. Since scoring an initial landmark victory 15 months ago in Buffalo, New York, the union has prevailed in elections at around 290 of the company’s roughly 9,000 corporate-owned US cafes. But the pace of new unionisation petitions has slowed down, as workers allege the company has been retaliating in stores and stonewalling them at the bargaining table. The company has said repeatedly that all claims of antiunion activity there are “categorically false.” Starbucks has accused the union of failing to fairly negotiate and has told US labour board officials are trying to use cases against it to establish new precedents that would change existing labour law.
First Republic Bank has racked up another ratings downgrade,
less than a week after a group of Wall Street banks agreed to
contribute US$30bn of deposits to the beleaguered lender.
Fitch Ratings lowered First Republic Bank’s long-term issuer
default rating to ‘B’ from ‘BB,’ citing its new more costly funding
profile. Fitch had already slashed its ratings on the firm to junk
ahead before the rescue package came through. Peer S&P
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