Amazon.com Inc. AMZN, -2.28% is planning to lay off about 10,000 corporate and technology workers, according to the New York Times, which says the cuts could come as early as this week. The layoffs are expected to focus on the company’s devices business, which includes the Alexa voice assistant, as well as on positions in retail and human resources, the report said.
In October, RingCentral was added to the list of “zombie” stocks compiled by equity research firm New Constructs.New Constructs, which uses machine learning and natural language processing to parse corporate filings and model economic earnings, described RingCentral as a “cash incinerator” at risk of declining to $0 per share.Redfin RDFN, -9.18% announced another round of layoffs, with CEO Glenn Kelman saying that the company was laying off 13% of its staff, or 862 employees.
The pressures on the plant-based food company continue. In November, Beyond Meat reported a big drop in third-quarter revenue, escalating losses and tepid revenue guidance.Facebook parent Meta META, +1.06% is cutting 11,000 employees, or about 13% of its workforce, in the first layoffs in the company’s 18-year history. Chief Executive Mark Zuckerberg has taken responsibility for the cuts, admitting to expanding the company too quickly amid a pandemic-fueled surge in revenue.
Zuckerberg wrote that while Meta will be making reductions in every area across both its Family of Apps and Reality Labs segments, some teams will be affected more than others. The cuts to Reality Labs will be closely watched for any potential impact on the company’s metaverse strategy, which is handled within the segment.Meta’s job cuts came hot on the heels of layoffs at Twitter that affected about half of that company’s 7,500 employees.
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