Streetbeat News

Labor Issues

AMZN

Amazon's recent layoffs have been more extensive than previously reported, impacting Amazon Pay and marketing departments. The company informed employees of job cuts in Prime Video and MGM Studios, with Twitch planning to lay off 35% of its workforce. Affected Amazon Pay employees were offered 60 days of pay and additional severance. The layoffs have occurred despite Amazon's stock trading higher, indicating investor optimism about the company's future.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 9:50 am

GOOG

GOOGL

MSFT

Alphabet Inc.'s Google (NASDAQ:GOOGL) (NASDAQ:GOOG) is laying off hundreds from its hardware and Google Assistant teams amid cost-cutting efforts and competition from Microsoft Corp (NASDAQ:MSFT) and OpenAI's ChatGPT. The Alphabet Workers Union criticized the layoffs, highlighting Google's profitability. This follows a trend in the tech sector of significant layoffs, with Google having already reduced its workforce by 6% last year.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 6:58 am

HBAN

Huntington Bancshares Incorporated (NASDAQ:HBAN) announced the retirement of Paul Heller, Chief Technology and Operations Officer, effective March 1, 2024. Heller has been with Huntington since 2012 and has significantly contributed to the company's technology and operations. Amit Dhingra, Kendall Kowalski, and Prashant Nateri have been named to the bank's executive leadership team in conjunction with Heller's retirement. All three have extensive experience in the industry and have been with Huntington for several years.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:40 pm

CHPT

ChargePoint, a leading electric vehicle (EV) charging network, has announced a reorganization plan that includes a workforce reduction of 12%. This move is aimed at streamlining operations and reducing costs as the company adapts to the evolving EV market. The reduction is expected to impact various departments and could lead to short-term operational disruptions but may improve long-term financial stability.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:07 pm

U

Unity Software Inc. (NYSE:U) shares experienced volatility following the company's announcement on Monday to lay off about 25% of its workforce, approximately 1,800 employees, as part of a restructuring effort to focus on core business and sustainable growth. After an initial rise, the stock dropped on Tuesday but rebounded over 8% on Wednesday with trading volume significantly higher than average.

Portfolio Pulse from Ryan Gustafson

January 10, 2024 | 8:00 pm

AMZN

SPY

Amazon.com, Inc (NASDAQ:AMZN) stock is up amid reports of significant layoffs at Prime Video and Amazon MGM Studios, affecting several hundred employees. The layoffs are part of a strategy to prioritize investments and focus on impactful content and product initiatives. Mike Hopkins, head of Amazon's entertainment division, reassured that Prime Video's commitment to quality content remains strong. Amazon's Twitch is also planning to lay off about 35% of its workforce, around 500 employees, due to financial challenges and operational costs. Amazon stock outperformed SPDR S&P 500 ETF (NYSE:SPY) last year with a 70% gain compared to SPY's 22%.

Portfolio Pulse from Anusuya Lahiri

January 10, 2024 | 5:38 pm

AMZN

Amazon is reportedly laying off hundreds of employees at Prime Video and MGM Studios. The job cuts are part of a broader cost-cutting effort across the company. The exact number of affected positions is not specified, but it is indicated that 'several hundred roles' would be eliminated.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 2:28 pm

VOYA

Christine Hurtsellers, CEO of Voya Investment Management, has announced her retirement plans for 2024. Matt Toms, the current global chief investment officer at Voya Investment Management, has been named as her successor. Additionally, Eric Stein has joined Voya Investment Management as the head of investments and chief investment officer for fixed income.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 1:20 pm

MSFT

Humane, a startup founded by Apple veterans, has laid off 4% of its workforce, affecting ten employees, ahead of the launch of its first product, the AI Pin. The AI Pin, a wearable AI-powered device, is set to ship in March and has been recognized as one of Time Magazine's 'Best Inventions of 2023.' The company has raised $230 million from investors including Microsoft Corp. (NASDAQ:MSFT), and is undergoing an organizational refresh as it prepares for growth.

Portfolio Pulse from Rounak Jain

January 10, 2024 | 8:18 am

META

A Meta Platforms Inc. (NASDAQ:META) employee claims she's under investigation after complaining about censorship of pro-Palestinian content. She alleges that a letter she co-authored, which gained support from 450 colleagues, was removed from Meta's internal forum and her system access was revoked. Meta's spokesperson emphasized the company's non-political workplace policy and commitment to a respectful and inclusive environment. This incident adds to the scrutiny Meta faces over content moderation and allegations of bias in handling Palestinian content.

Portfolio Pulse from Ananya Gairola

January 10, 2024 | 3:12 am