Posts by Forbes Washington DC
Subway Comes Up With Debt Plan to Clinch $10 Billion-Plus Sale – Report
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5 billion acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company’s asking price of more than $10 billion, people familiar with the matter said. Interest rates have been…
Read MoreMeta Share Surge Makes Zuckerberg Richer by $10 Billion As Facebook Makes More Money After massive Layoffs
A surge in Meta’s share prices after its strong quarterly results resulted in Facebook founder Mark Zuckerberg’s wealth rising by more than $10 billion, even as reports of layoffs at the social media giant put thousands of people out of work. Facebook owner Meta fired more than 20,000 people in recent months, citing a downturn…
Read MoreAmazon Rakes in Massive Profits in First Quarter, Months After Cutting 27,000 Jobs
Amazon returned to profit and recorded better than expected profit of $3.2 billion for the first quarter. This return to profits came after reporting a loss of $3.8 billion in the year-ago quarter. Significantly, Amazon’s strong numbers and positive outlook for the next quarter came after the company cut more than 27,000 employees in the…
Read MoreMicrosoft and Google’s Quarterly Revenue Surges After Cutting Thousands of Jobs Citing Poor Outlook
Tech giants Alphabet and Microsoft reported higher than expected quarterly revenues and the companies’ shares rose more than 5 and 9 percent respectively on Tuesday. Alphabet, Google and YouTube parent company also launched a massive share buyback worth $70 billion, indicating its strong cash position and driving its share price. Google Ad Revenue Remains Strong…
Read MoreDisney Lays Off 7,000 Staff Despite First Quarter Revenue Beating Estimates; Shares Rise
Walt Disney Co said on Wednesday it would lay off 7,000 employees as it tries to trim costs amid souring economic conditions. The job cuts, announced by CEO Bob Iger, aims to save $5.5 billion in costs for the entertainment giant. Disney has as many as 190,000 people on its rolls as of 2021 annual…
Read MoreDell Technologies to Lay Off 6,650 People Following in Drop in PC Demand After Pandemic Boom
Dell Technologies on Monday said that it will lay off about 6,650 workers globally, becoming the latest technology company to do so, the media reported. The cuts will include 5 per cent of the company’s global workforce, reports Bloomberg, citing sources. “The company is experiencing market conditions that continue to erode with an uncertain future,”…
Read MoreJapanese Clothing Giant Uniqlo Offers 40% Pay Rise; Japan’s Low Wage Problem in Focus
Apple gave $320 billion to developers on App Store since 2008 Japanese clothing giant Uniqlo shocked the corporate world on Wednesday, saying it was offering a 40 percent raise in staff salaries. The wage hike announced by Uniqlo parent Fast Retailing Co Ltd goes against the trend in Japan, where wage hikes have historically been…
Read MoreSoftBank Shares Plummet 12% as Vision Fund Loses $10 Billion in Third Quarter
Twitter rolls back $8 Blue service days after launch; users flummoxed SoftBank shares plummeted 12 percent on Monday, after its tech investment vehicle reported a steep quarterly loss and the company dithered in announcing a much-awaited stock buyback. The market plunge was the steepest intraday loss in nearly two years. On Monday, Vision Fund, Masayoshi…
Read MoreNetflix Shares Zoom as Subscription Outlook Turns Healthy; Q3 Earnings Top Estimates at $7.9 Billion
Guinness Records names Monday worst day of week; Netizens can relate Streaming giant Netflix reversed a series of setbacks, with the shares zooming 14 percent on Tuesday, spurred on by the reassurance that the company is expected to add as many as 4.5 million customers in the fourth quarter. Netflix shares plummeted last April when…
Read MoreSingapore Airlines Eyes Stake in Air India; Tie-Up With Tata Group Airlines Will Challenge Gulf Carriers
2,500 people to lose jobs in Byjus as firm eyes ensuring profitability Singapore Airlines is in talks with India’s Tata Group as part of its long-term plans to increase its share in the Indian market. Singapore flag carrier believes an alliance with the airlines under the Tata conglomerate is strategically important ans Indian domestic and…
Read MoreNetflix Revenue From Ads to Zoom to $2.65 Billion, New Model to Have 22 Million Subscribers – Report
There is good news for the shareholders of embattled streaming giant Netflix, if a report by JPMorgan analysts turns true. A client note issued by the brokerage on Monday said Netflix, which witnessed a massive share plunge that destroyed investor wealth, will rake in millions from advertising. Analyst Doug Anmuth at JPMorgan says Netflix will…
Read MorePeloton CEO Barry McCarthy Blames Media After Firing More Than 4,500 Employees in 9 Months
All 4 kidnapped Indian-origin family found dead in California Exercise and fitness equi pment major Peloton has announced it is laying off as many as 500 employees, or around 12 percent of its workforce. CEO Barry McCarthy said the company is trying to reach break-even cash flow by the end of the 2023 fiscal year…
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