Breaking News: Intel Announces Layoffs After Record Quarterly Loss

  Breaking news refers to stories that are breaking and of immediate importance, from plane crashes and fires to political scandals and elections. Major networks typically cover breaking news stories. Carvana has begun cutting back its operations by laying off employees as it scales back. Biotechnology company Invitae will lay off over 1,000 workers. 1. eBay Intel's rapid expansion required a carefully considered management style that prioritized openness, decision making at lower levels, and discipline. Executives forwent lavish perks like limousine rides and expense account lunches in favor of regular meetings that kept them connected with employees. In 2022, however, Apple found itself in a different situation. They switched from Intel chips to their own custom-designed processors which threatened Intel's growth potential. Ola has begun cutting its staff, beginning with employees in its operations, gaming, and streaming units. Data protection platform OwnBackup will also reduce its staff by approximately 17% in both countries - this will affect about 170 workers across both locations - funded by Meta Capital investors - their first employee layoff ever! 2. Boeing Boeing, often seen as a symbol of American economic might, recently posted a massive loss of $1.7 billion during the first quarter. As a result of these losses and production cuts affecting thousands of jobs -- especially within its commercial jetliner division where up to 15% of employees may be at risk -- aircraft production will be reduced and thousands more jobs eliminated. Coronavirus-driven collapse in air travel wiped out Air France-KLM's bottom line and has forced it to cut spending, suspend dividends and buybacks, as well as incur debt via private market lending in order to avoid needing government aid. It has even taken on $25 billion of private market debt in order to stay afloat. Layoffs will hit Snohomish County where Boeing manufactures their 787 Dreamliner at Everett. Machinists, material handlers and kitting technicians could lose their jobs; other affected workers include assembly specialists, welding specialists and engineers responsible for designing planes. 3. Dell Intel has dramatically lowered its revenue forecast for 2023 after reporting its largest quarterly loss ever in Q1 2023 - earning -$0.14 per share non-GAAP and losing $2.8 billion during the quarter. Silicon Valley tech giant Apple will announce the planned termination of over 10,000 employees across its various departments and will offer voluntary buyout options for human resources staffers. Biotech company CytomX will undertake a restructuring in order to prioritise investments in its preclinical pipeline, while property technology startup Veev plans on dismissing over 100 employees, representing an important portion of its workforce. Ericsson will cut 1,400 workers worldwide as part of an effort to focus on profitability in their business model. 4. Byju’s Edtech company Byju's has laid off 2,500 employees as part of their restructuring plans and focus on profitability. Byju's has also temporarily suspended recruitment efforts; those affected will receive severance packages and job placement support from Byju's. HelloFresh has announced it will close their Richmond, California plant and lay off approximately 600 employees as it concentrates its focus solely on US operations. Nikola Motor Company plans to close down and lay off approximately 500 workers at its nearly new battery-making plant in Cypress, California and focus on expanding production at Coolidge Arizona facilities instead. 5. Tencent After experiencing a difficult fourth quarter, tech companies are beginning to scale back their efforts in the metaverse. Even large firms such as Microsoft and Meta are making cuts by disbanding teams within this space. China-based technology giant Tencent Holdings (OTCMKTS:TCEHY) is reported to be cutting jobs at its video streaming, gaming and cloud units. According to reports, Tencent gave its 300-person XR team two months to find new roles within or beyond Tencent Holdings. Reuters reported that Tencent's move was part of a wider restructuring plan to address the current economic slowdown, but the company denied this allegation by only making adjustments to their business teams and withdrawing plans to launch its own VR headset - further evidence that hype about metaverse is beginning to dissipate. 6. Xiaomi Intel stands out from its competition by owning and operating its own fabrication plants - unlike most chipmakers that contract out production work to third-party foundries - thus giving it a direct incentive to ensure these facilities run at optimal capacity. The Client Computing Group designs processor systems for desktop computers, notebook computers, tablets, and mobile devices. The Data Center Group specializes in core processors for cloud communications infrastructure while the Internet of Things Group creates products designed to integrate into embedded systems like traffic signals or factory assembly lines. Atlassian Software Consulting Services will reportedly reduce costs and meet market needs by downsizing 500 employees, or roughly five percent of its workforce. Health coaching app Noom announced reductions by 10% within its coaching team; fitness equipment company Peloton will make similar cuts following an initial hiring freeze last year. 7. Wayfair If you're shopping for furniture or decor, chances are Wayfair has been on your mind. Their colorful pinwheel logo can be found everywhere - from boxes opened by Bobby Berk on Queer Eye to Facebook sidebar ads. Wayfair is an online home furnishing marketplace offering over 14 million products across five websites. However, unlike Amazon they do not keep any inventory; rather they use a drop ship model where when someone buys something from one of 11000 suppliers it is purchased immediately and shipped directly to them. Wayfair recently started opening physical stores to give customers an in-person taste of its services, such as working with designers on room layouts or touching fabrics for upholstery options. Unfortunately, despite expanding significantly, profitability remained an issue and layoffs are expected to affect 900 payrolled employees and contractual staff across functions. 8. AMC Networks AMC Networks is reported to be making cuts of 20 percent of its workforce and placing a hiring freeze to manage its financial position. Due to cord-cutting trends and competition from bigger rivals such as Netflix offering more affordable pricing models, Hulu streaming subscribers have declined substantially over time. AMC Networks has announced plans to lay off over 1,000 employees. This move comes amid predictions of an impending recession and a decrease in demand. Meanwhile, companies such as Olive - a healthcare technology startup - and music streaming giant Spotify have both placed hiring freezes, citing economic uncertainty as a primary reason. 9. United Furniture Industries United Furniture Industries abruptly dismissed thousands of workers across America - from Mississippi, North Carolina and California - without notifying or informing employees about any mass layoffs. One employee, Toria Neal, filed a class action suit alleging violations to federal law by United Furniture Industries. Business software maker Atlassian announced plans to lay off approximately 500 employees - around five percent of its workforce - or approximately five percent. They cited needing to focus on core priorities and allocate more resources toward customer projects. Ride-hailing major Ola also laid off employees from California software verticals; year-end bonuses have also been cancelled by Ola. Finally, electronics and appliance retailer Best Buy cut store staff as it seeks to lower costs due to changing consumer spending habits. 10. Chrysler A company can begin cutting its staff when its annual profits don't match projections or when there are financial issues that must be addressed. Layoffs could result from internal business issues like redundancies in staffing or external factors like recession and global challenges to its supply chain causing these layoffs to take place. Atlassian Software will cut around 500 jobs or 5% of its workforce due to a desire to focus on core products of the company. Rivian Electric Car Company announced plans to reduce workforce by 6 percent and to focus on vehicle production, in an effort to reach profitability. CEO RJ Scaringe stated this aim. The Walt Disney Co is cutting 7,000 jobs as part of an effort to consolidate divisions and reduce costs by $5 billion under returning CEO Bob Iger.