Latest Layoffs News

Peloton cuts jobs, raises prices in bid for profitability

Aug. 12, 2022 18:03 PM EDT

NEW YORK (AP) — Peloton is laying off employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash. The changes were disclosed Friday in a memo to employees of the maker of high-end exercise bikes and treadmills...

Publisher of USA Today, other papers axes staff to cut costs

Aug. 12, 2022 17:47 PM EDT

Newspaper publisher Gannett Co. confirmed Friday that it's laying off some of its newsroom staff, part of a cost-cutting effort to lower expenses as its revenue crumbles amid a downturn in ad sales and customer subscriptions. The McLean, Virginia-based company declined to provide...

Best Buy trims jobs after it cuts sales and profit outlook

Aug. 12, 2022 15:28 PM EDT

NEW YORK (AP) — Best Buy, the nation's largest consumer electronics chain, is trimming jobs in an effort to adjust to new changes in consumer behavior as the virus wanes. Best Buy declined to say how many jobs it was cutting, but The Wall Street Journal, which was first to report...

Beyond Meat announces layoffs after lower Q2 sales

Aug. 04, 2022 19:20 PM EDT

Plant-based meat maker Beyond Meat said Thursday it’s laying off 4% of its workforce after a difficult second quarter that saw cost-conscious customers bypass its higher-priced products. El Segundo, California-based Beyond Meat said its revenue fell 1.6% to $147 million. That was...

Robinhood cuts 23% of its workforce as fewer users trade

Aug. 02, 2022 19:58 PM EDT

NEW YORK (AP) — Robinhood Markets said Tuesday it's cutting nearly a quarter of its workforce, as crashing cryptocurrency prices and a turbulent stock market keep more customers off its trading app. CEO Vlad Tenev said the company, whose easy-to-use app helped bring a new...

Average US long-term mortgage rates retreat to 5.3%

Jul. 28, 2022 10:02 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated this week just as the Federal Reserve announced another big rate hike in its bid to get four-decade high inflation under control. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell back to 5.3%...

As the online pandemic boom fades, Shopify cuts 1,000 jobs

Jul. 26, 2022 12:17 PM EDT

NEW YORK (AP) — Shopify is cutting 10% of its staff, or about 1,000 employees, as the e-commerce company reckons with an unexpected sales downturn after a pandemic-fueled explosion. There has been a wave of layoffs or cutbacks in the tech sector with Wall Street distancing itself...

Average long-term US mortgage rates edge up to 5.54%

Jul. 21, 2022 10:05 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates ticked up again this week in a rapidly cooling housing market as the Federal Reserve gears up for what could be yet another bump to its benchmark interest rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year...

Average long-term US mortgage rates bounce back up to 5.51%

Jul. 14, 2022 10:18 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates were back up this week, just as the latest government data shows inflation has not slowed, meaning the Federal Reserve is almost certain to raise its benchmark borrowing rate later this month. Mortgage buyer Freddie Mac...

Twitter: Attrition up a bit, companywide layoffs not planned

Jul. 13, 2022 18:33 PM EDT

Twitter is telling its employees that it's not planning any companywide layoffs, but there could be some restructuring and organization changes as it heads into a legal battle over the potential sale to Elon Musk. The San Francisco company included the communication in a filing...