Streetbeat News

Labor Issues

STN

Stantec, a professional services company, has announced the retirement of its Vice President and CFO, Theresa Jang. Jang's contributions have been pivotal to Stantec's financial strategy and growth. The company is now in the process of identifying a successor to ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:11 pm

PINE

Alpine Income Property Trust, Inc. (PINE) announced the resignation of CFO Matthew M. Partridge, effective April 1, 2024. Partridge will assist during the transition period in Q1 reporting. The company has started searching for a new CFO. Partridge contributed to key initiatives and the development of the finance team, now led by Lisa Vorakoun.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 10:00 pm

CTO

CTO Realty Growth, Inc. (NYSE:CTO) announced the resignation of its CFO, Matthew M. Partridge, effective April 1, 2024, to join a new venture outside the REIT industry. The company has started searching for a new CFO. Partridge will assist during the first quarter reporting period for a smooth transition. President and CEO John P. Albright praised Partridge's contributions, highlighting the development of a strong finance team now led by Lisa Vorakoun, VP and Chief Accounting Officer.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:59 pm

EA

Electronic Arts (EA) has announced a restructuring plan which includes cutting about 5% of its workforce. The company expects to incur charges of approximately $125M-$165M in connection with this plan, as detailed in a letter from the CEO.

Portfolio Pulse from Charles Gross

February 28, 2024 | 9:28 pm

ADMA

ADMA Biologics announced that Brian Lenz, the Executive Vice President, CFO, and General Manager of ADMA BioCenters, will transition to a consulting role starting April 1, 2024. Grossman has been appointed as the Interim Chief Financial Officer from the same date, while the company searches for a full-time CFO replacement.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 9:27 pm

PSNY

Polestar Automotive Holding UK Limited (NASDAQ:PSNY) shares surged after announcing a $950 million loan from 12 international banks, aimed at financing its next development stage. The company is also reducing its workforce by 10% in mid-2023 and an additional 15% in 2024 to improve efficiency. CEO Thomas Ingenlath highlighted the support from partners and Geely, aiming for cash flow break-even by 2025. Polestar is expected to report Q4 financial results with estimated losses of 15 cents per share and revenue of $756.514 million.

Portfolio Pulse from Erica Kollmann

February 28, 2024 | 8:46 pm

AMZN

BMBL

CRM

GOOG

MSFT

PYPL

SONY

SQ

Bumble Inc. plans to lay off over 30% of its workforce, approximately 350 employees, as part of a strategic shift to optimize operations and accelerate its product roadmap. This move is part of a broader trend in the tech sector, with major companies like Alphabet, Amazon, Sony, PayPal, Block, Microsoft, and Salesforce also announcing significant layoffs. Bumble's decision aims to drive stronger operating leverage and align with future strategic priorities, amidst a competitive tech landscape.

Portfolio Pulse from Surbhi Jain

February 28, 2024 | 7:15 pm

BMBL

Bumble Inc. (NASDAQ:BMBL) reported lower than expected Q4 results, with a quarterly loss of 19 cents per share against an estimate of 12 cents, and sales of $273.64 million versus the expected $275.29 million. The company announced a workforce reduction of 350 roles and provided revenue forecasts for Q1 and the full year 2024, projecting 8% to 11% growth. Following the report, Bumble's shares fell 13.3%, and analysts from Keybanc, JP Morgan, Piper Sandler, and Morgan Stanley adjusted their price targets downwards.

Portfolio Pulse from Avi Kapoor

February 28, 2024 | 5:58 pm

BABA

CGRO

PGJ

Alibaba Group Holding Ltd's subsidiary, Daraz Group, is set for another round of layoffs amid financial challenges, a year after reducing its workforce by 11%. The layoffs across Pakistan, Bangladesh, Sri Lanka, and Nepal reflect Alibaba's broader strategy to optimize operations within its International Digital Commerce Group. Despite these challenges, Alibaba's international ventures, including Daraz, saw a 44% revenue increase in the December quarter. The Invesco Golden Dragon China ETF and Tidal Trust II CoreValues Alpha Greater China Growth ETF, with close to 8% exposure to Alibaba, gained 7-10% last month. Alibaba's stock traded lower by 3.27% at $75.14.

Portfolio Pulse from Anusuya Lahiri

February 28, 2024 | 5:39 pm

NVAX

Novavax Inc (NASDAQ:NVAX) reported a Q4 2023 revenue of $291 million, missing the consensus of $321.97 million, and a net loss of $178 million. The company's full-year 2023 revenue was $984 million, down from $2 billion in 2022. EPS loss for Q4 was $(1.44), worse than the consensus of $(0.45). Novavax announced workforce reductions and a settlement with Gavi over a 2021 advance purchase agreement. The company forecasts 2024 revenue of $800 million-$1 billion, below the consensus of $969.56 million. NVAX shares dropped 29.30% to $4.25.

Portfolio Pulse from Vandana Singh

February 28, 2024 | 3:52 pm