Intel
Intel Corp. is cutting jobs and slowing spending on new plants in an effort to save $3 billion next year, the chipmaker said last week. The hope is to save as much as $10 billion by 2025, a plan that went over well with investors, who sent the shares up more than 10% on Oct. 28. Bloomberg News reported earlier that the headcount reduction could number in the thousands.
Lyft
Lyft’s cost-saving efforts include divesting its vehicle service business. The company, which is preparing to report third-quarter results on Monday, had already said it would freeze hiring in the US until at least next year. It’s now facing even stiffer headwinds.
People wearing protective face coverings walk past a Lyft Inc. drivers' lounge in Oakland, California, U.S., on Monday, Feb. 8, 2021. Lyft Inc. is scheduled to release earnings figures on February 9.
“We are not immune to the realities of inflation and a slowing economy,” co-founders John Zimmer and Logan Green said in a memo. “We need 2023 to be a period where we can better execute without having to change plans in response to external events -- and the tough reality is that today’s actions set us up to do that.”
Seagate
Seagate Technology Holdings Plc, the biggest maker of computer hard drives, said last week that it’s paring about 3,000 jobs. Computer suppliers, including Seagate and Intel, have been hard hit by a slowdown in hardware spending. Customers are sitting on a pile of extra inventory, hurting orders and weighing on Seagate’s financial performance, CEO Dave Mosley said. That necessitated cuts. “We have taken quick and decisive actions to respond to current market conditions and enhance long-term profitability,” he said.
Stripe
Payments company Stripe Inc., one of the world’s most valuable startups, is cutting more than 1,000 jobs. The 14% staff reduction will return its headcount to almost 7,000 -- its total in February. Co-founders Patrick and John Collison told staff that they need to trim expenses more broadly as they prepare for “leaner times.”
Twitter
The upheaval at Twitter has more to do with its recent buyout -- and the accompanying debt -- than economic concerns. But the company is facing the deepest cuts of its peers right now. Musk, who acquired Twitter for $44 billion last month, plans to eliminate about 3,700 jobs, according to people with knowledge of the matter.
The new owner plans to inform affected staffers Friday, said the people. Musk also intends to reverse the company’s work-from-anywhere policy, asking remaining employees to report to offices.
Upstart
Upstart Holdings Inc., an online lending platform, said in a regulatory filing this week it cut 140 hourly employees “given the challenging economy and reduction in the volume of loans on our platform.”