ReportWire

Tag: Xerox Holdings Corp

  • Amazon's latest layoffs hit its Buy with Prime unit

    Amazon's latest layoffs hit its Buy with Prime unit

    [ad_1]

    A worker delivers Amazon packages in San Francisco on Oct. 5, 2022.

    Bloomberg | Bloomberg | Getty Images

    Amazon is laying off some employees in its Buy with Prime unit, the company confirmed, as it continues to look for ways to trim costs.

    The cuts affect fewer than 5% of staff in the Buy with Prime division, Amazon said. Buy with Prime is a service that lets online stores offer the same two-day shipping benefits available to Prime subscribers. Amazon has expanded the program since its launch in April 2022, including tie-ups with Shopify and Salesforce.

    Amazon didn’t say how many staffers are in its Buy with Prime segment.

    “We regularly review the structure of our teams and make adjustments based on the needs of the business and, following a recent review, we’ve made the difficult decision to eliminate a small number of roles on our Buy with Prime team,” an Amazon spokesperson said in a statement.

    The spokesperson said Buy with Prime remains “a top priority for Amazon” and the company plans to continue investing “significant resources” in the program.

    Some of the affected employees worked in Amazon’s multichannel fulfillment unit, which sits alongside Buy with Prime under the “Project Santos” organization, overseen by Peter Larsen, a longtime vice president at the company, a person with knowledge of the cuts said. Multichannel fulfillment allows merchants to ship and store products using Amazon’s services regardless of whether they’re selling on the home site.

    Amazon has cut more than 27,000 jobs across the company as part of rolling layoffs that began in late 2022. Job reductions have continued this year, with Amazon letting go staffers in its Prime Video, MGM, Twitch, Audible and Amazon Pay units last week. Other tech companies including Google, Discord, Xerox and Unity have also announced layoffs since the start of the new year.

    Amazon said it’s assisting Buy with Prime employees who were laid off in finding new roles elsewhere within the company. Employees will continue to receive their pay and benefits for at least 60 days, and they will be eligible for a severance package.

    WATCH: Amazon lays off hundreds of roles across Twitch, Prime Video and MGM Studios

    Don’t miss these stories from CNBC PRO:

    [ad_2]

    Source link

  • Stocks making the biggest moves before the bell: General Motors, 3M, Spotify, Verizon and more

    Stocks making the biggest moves before the bell: General Motors, 3M, Spotify, Verizon and more

    [ad_1]

    Maplewood, Minnesota, 3M company global headquarters. 

    Michael Siluk | Universal Images Group | Getty Images

    Check out the companies making headlines in premarket trading.

    General Motors — Shares of General Motors rose more than 1% after the automaker raised its full-year guidance and reported second-quarter results that rose on a year-over-year basis.

    related investing news

    CNBC Pro

    3M – Shares of the chemical manufacturer rose about 2% in premarket trading following the company’s latest earnings report. 3M posted $7.99 billion in revenue, beating analysts’ estimates of $7.87 billion, according to Refinitiv. The company also raised its full-year earnings guidance and reaffirmed its revenue guidance.

    Xerox — The workplace technology provider advanced 3.6% after beating earnings expectations for the second quarter, posting 44 cents per share excluding items against a 32-cent forecast from analysts polled by FactSet. Quarterly revenue came in line with expectations at $1.75 billion. Xerox also said to expect free cash flow and the adjusted operating margin to be better than previously anticipated for the full year.

    General Electric — Shares of the industrial giant jumped more than 4% in premarket trading after the company posted stronger-than-expected earnings for the second quarter. GE also boosted its full-year profit guidance on the back of strong demand from aerospace and record orders in its renewable energy business.

    Danaher — Shares of the conglomerate slid 4.6%. Danaher said non-GAAP core revenue in the base business will be down in the current quarter compared with the same quarter a year ago and would be up less than previously expected for the full year. However, the company gave a strong quarterly report, posting second quarter earnings per share excluding items at $2.05 and revenue at $7.16 billion, while analysts polled by FactSet anticipated $2.01 per share on $7.12 billion in revenue.

    Spotify — The music streaming platform dropped 6.1% after presenting a weak quarterly report and guidance. Spotify reported revenue of €3.18 billion, below a Refinitiv forecast of €3.21 billion. Full-year revenue guidance was also worse than analysts expected. The report follows Spotify’s announcement that it will raise prices for premium subscription plans.

    Lilium — The electric helicopter stock added 5.6% after management released a letter to shareholders. In the letter, management said adjusted cash spend for the first half of 2023 was within budget and the company was successful in an audit from the European Union Aviation Safety Agency.

    Alaska Air — Shares of the airline fell more than 4% even after Alaska beat estimates on the top and bottom lines for the second quarter. Alaska reported $3 in adjusted earnings per share on $2.84 billion in revenue. Analysts surveyed by Refinitiv were expecting $2.70 in earnings per share on $2.77 billion in revenue. The airline’s full-year earnings guidance of $5.50 to $7.50 per share was roughly in-line with the average analyst estimates of $6.65, according to FactSet.

    RTX — Shares of the company formerly known as Raytheon slipped 3% despite a strong quarterly report. RTX ported $1.29 in earnings per share, excluding items, on $18.32 billion in revenue. Analysts polled by Refinitiv forecasted $1.18 per share and $17.68 billion. The company also raised its full-year expectations for both lines.

    Verizon — The telecommunications giant traded 2.6% higher after reaffirming its full-year guidance. That came despite a mixed second quarter, with Verizon posting $1.21 in earnings per share, excluding items, on $32.6 billion in revenue. Analysts polled by Refinitiv estimated $1.17 earnings per share and revenue of $33.24 billion.

    Walmart — Walmart rose more than 1% after Piper Sandler upgraded the big-box retailer Monday to overweight from neutral, and hiked its price target. Analyst Edward Yruma said Walmart could take greater market share in the grocery business as inflation eases.

    — CNBC’s Samantha Subin, Yun Li, Jesse Pound, Sarah Min and Tanaya Macheel contributed reporting

    [ad_2]

    Source link