Latest news with #layoffs
Yahoo
4 hours ago
- Business
- Yahoo
Hasbro (HAS) to Cut 3% of Workforce Amid Tariff Pressures
Hasbro (HAS, Financials) said Tuesday it will lay off 3% of its global workforce in its latest restructuring move to counter higher production costs tied to U.S. tariffs on Chinese imports. Warning! GuruFocus has detected 8 Warning Signs with HAS. The cuts, which affect around 150 of the toy maker's roughly 5,000 employees, come as part of a multi-year effort to trim $1 billion in expenses. Hasbro's ongoing reliance on Chinese manufacturing has left it exposed to trade policy headwinds. While some tariffs remain paused, cost pressures have intensified. We are aligning our structure with our long-term goals, the company told news outlets. The announcement follows broader reductions in 2023 when Hasbro cut nearly 1,900 jobs. CEO Chris Cocks had warned in April that tariffs could lead to further layoffs and higher prices for consumers. Hasbro's sales rose 17% in the first quarter, driven by strong demand for board games including Magic: The Gathering and Dungeons & Dragons. The company, known for Monopoly and Nerf, is still grappling with post-pandemic softness in toy demand. This article first appeared on GuruFocus.
Yahoo
15 hours ago
- Business
- Yahoo
Hasbro cuts 3% of workforce
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Hasbro has laid off 3% of its workforce, or around 150 employees. The toy company has been undergoing a turnaround effort, which includes a $1 billion cost-savings objective. 'We are aligning our structure with our long-term goals,' a Hasbro spokesperson said in a statement to Retail Dive regarding the cuts. The company recently stated that the Trump administration's tariff policies could result in layoffs. 'Ultimately, tariffs translate into higher consumer prices, potential job losses as we adjust to absorb increased costs and reduced profits for our shareholders,' CEO Chris Cocks said on a call with analysts in April. The toy industry in particular faces high exposure to levies because nearly 80% of toys imported to the United States come from China. The two countries last week reached an agreement that the U.S. would impose 55% tariffs on imports from China, and China would maintain a 10% duty. The deal is subject to final approval by President Donald Trump and China President Xi Jinping. Hasbro announced its turnaround plan, dubbed 'Playing to Win,' earlier this year. Goals include driving mid-single-digit revenue growth between now and 2027 and expanding its reach while delivering cost savings. 'Our new strategy is grounded in the key insights which will drive Hasbro's evolution into a modern play company: serving fans of all ages around the world at every price point, and meeting fans where they are playing, which is increasingly online,' Cocks said in February. The company has undergone other rounds of layoffs, including cutting around 1,000 positions, announced in January 2023, followed by another 1,100 announced later that year. Hasbro's Q1 revenue increased 17% year over year to $887 million, driven by 46% growth in its Wizards of the Coast and Digital Gaming segment. Recommended Reading Etsy to sell music gear marketplace Reverb Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Daily Mail
16 hours ago
- Business
- Daily Mail
Tech company Intel slashes thousands of jobs
Published: | Updated: A faltering American tech icon is set to lay off as much as a fifth of its workers next month. Intel — once the dominant chipmaker which powered most PCs — sent an email to employees on Saturday, warning that job cuts are coming to its factories. 'These are difficult actions but essential to meet our affordability challenges and current financial position of the company,' Naga Chandrasekaran, the tech giant's vice president of manufacturing, said in the memo seen by Oregon Live. Chandrasekaran said the company is aiming to slash 15 to 20 percent of its factory workforce in July, a move that could push thousands of Americans into job searches. With Intel employing 109,000 globally, that would mean 16,350 to 21,800 layoffs. It is not clear how many work in US-based factories, and how many American jobs will go. Recently, Intel reported employing more than 20,000 staffers at its plant in Hillsboro, Oregon. The news comes a day after Microsoft said it was cutting thousands of jobs , and two days after Amazon's CEO also announced brutal workforce cuts . Both linked the cuts to AI. This marks the second round of layoffs for the legendary tech company in a year. Last December, Intel slashed 15 percent of its workforce after its stock price dropped by more than 60 percent. The two sets of layoffs are a response to rising pressure from upstart competitors, compounding financial losses, and a declining stock price. For years, Intel had been a dominant force in tech, manufacturing components for computers such as chips and microprocessors. But in recent years, its competitors have made major technological strides. Chipmakers AMD, IBM, TSMC, and NVIDIA have surged past Intel by investing heavily in processors built for artificial intelligence. AI chip deployment has been a weak spot for Intel. Investors have punished the company for its apparent flat-footedness. Intel traded above $68 a share in 2021, but it's currently trading just north of $21. The company reported an $821 million loss in the first quarter of this year. It is also receiving billions of dollars in federal support through the bipartisan CHIPS and Science Act, which aims to bring militarily critical tech manufacturing back to the US. The company is awaiting the arrival of $6.9 billion in federal grants to support factory builds and growth in Oregon, Arizona, New Mexico, and Ohio. Intel has delayed construction of its Ohio factory until 2030. Jobs jettisoned Some of America's biggest companies have announced sweeping job cuts this year. In May, Walmart — America's largest employer — announced it was cutting 1,500 jobs from its tech operations and e-commerce teams. Procter & Gamble, the owner of Tide detergent and Gillette shaving products, is also undergoing significant cuts. The company said it would eliminate 7,000 positions . Job losses have been even more pronounced in the tech sector, as firms increasingly replace human employees with hyper-intelligent machines. The AI-driven job bloodbath marks a major shift for American workers. For years, mass layoffs were concentrated in US manufacturing plants. Now, they're impacting college-educated, high-to-middle-class earners. Microsoft — one of the leading firms investing in AI — is expected to lay off thousands of employees next month as it shifts resources toward deeper investments. Amazon CEO Andy Jassy recently said the quiet part out loud : the technology will uproot thousands of Americans from their jobs. 'As we roll out more Generative AI and agents, it should change the way our work is done,' he wrote to his employees in a memo.
Daily Mail
16 hours ago
- Business
- Daily Mail
Iconic tech company slashes 20 THOUSAND staff as job bloodbath spirals out of control
A faltering American tech icon is set to lay off as much as a fifth of its workers next month. Intel — once the dominant chipmaker which powered most PCs — sent an email to employees on Saturday, warning that job cuts are coming to its factories. 'These are difficult actions but essential to meet our affordability challenges and current financial position of the company,' Naga Chandrasekaran, the tech giant's vice president of manufacturing, said in the memo seen by Oregon Live. Chandrasekaran said the company is aiming to slash 15 to 20 percent of its factory workforce in July, a move that could push thousands of Americans into job searches. With Intel employing 109,000 globally, that would mean 16,350 to 21,800 layoffs. It is not clear how many work in US-based factories, and how many American jobs will go. Recently, Intel reported employing more than 20,000 staffers at its plant in Hillsboro, Oregon. The news comes a day after Microsoft said it was cutting thousands of jobs, and two days after Amazon's CEO also announced brutal workforce cuts. Both linked the cuts to AI. This marks the second round of layoffs for the legendary tech company in a year. Last December, Intel slashed 15 percent of its workforce after its stock price dropped by more than 60 percent. The two sets of layoffs are a response to rising pressure from upstart competitors, compounding financial losses, and a declining stock price. For years, Intel had been a dominant force in tech, manufacturing components for computers such as chips and microprocessors. But in recent years, its competitors have made major technological strides. Chipmakers AMD, IBM, TSMC, and NVIDIA have surged past Intel by investing heavily in processors built for artificial intelligence. AI chip deployment has been a weak spot for Intel. Investors have punished the company for its apparent flat-footedness. Intel traded above $68 a share in 2021, but it's currently trading just north of $21. The company reported an $821 million loss in the first quarter of this year. It is also receiving billions of dollars in federal support through the bipartisan CHIPS and Science Act, which aims to bring militarily critical tech manufacturing back to the US. The tech company's stock has seen a massive drop in the past five years The company is awaiting the arrival of $6.9 billion in federal grants to support factory builds and growth in Oregon, Arizona, New Mexico, and Ohio. Intel has delayed construction of its Ohio factory until 2030. Jobs jettisoned Some of America's biggest companies have announced sweeping job cuts this year. In May, Walmart — America's largest employer — announced it was cutting 1,500 jobs from its tech operations and e-commerce teams. Procter & Gamble, the owner of Tide detergent and Gillette shaving products, is also undergoing significant cuts. The company said it would eliminate 7,000 positions. Job losses have been even more pronounced in the tech sector, as firms increasingly replace human employees with hyper-intelligent machines. The AI-driven job bloodbath marks a major shift for American workers. For years, mass layoffs were concentrated in US manufacturing plants. Intel's manufacturing cuts will likely impact thousands of middle- and high-paying jobs in the US Intel employs thousands at its HQ in Oregon Now, they're impacting college-educated, high-to-middle-class earners. Microsoft — one of the leading firms investing in AI — is expected to lay off thousands of employees next month as it shifts resources toward deeper investments. Amazon CEO Andy Jassy recently said the quiet part out loud: the technology will uproot thousands of Americans from their jobs. 'As we roll out more Generative AI and agents, it should change the way our work is done,' he wrote to his employees in a memo. 'It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce.' So far, the cuts haven't had a statistically significant impact on overall job numbers in the US. Last month, employers continued to add jobs.
Globe and Mail
16 hours ago
- Business
- Globe and Mail
New Hirings, Big Firings Give Intel Stock (NASDAQ:INTC) a Hefty Surge
Chip stock Intel (INTC) has had a fairly rough time with its employees of late, what with firing so many of them in rapid fashion. And the latest set of firings comes with some unexpected word about severance packages: there are none. Meanwhile, a few new hires are getting in on the action in a bid to turn things around at Intel. This was good enough for investors, though, who sent Intel shares on the rise nearly 3% in Wednesday afternoon's trading. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter We remember that Intel plans to lay off about one person in every five from the manufacturing division, which adds up to somewhere around 10,000 employees in total, reports noted. But, in perhaps a rougher note still, reports noted that there will be neither 'voluntary buyouts' nor 'early retirement packages' offered. Rather, Intel will be firing employees '…based on performance evaluations and strategic priorities,' reports noted. This is the third major round of layoffs Intel has posted so far in the last 12 months, reports note, and has seen everyone from top-level brass to middle management tossed out in a bid to streamline operations. But now, with the factory floor about to take a layoff with nothing more than the shirts on their collective back, the blows will hit throughout the entire operation. Not Everybody is Fired And, as we also heard previously, Intel is looking to beef up its engineering ranks to try and develop the next big things in processor development. With Intel looking to get back market share lost to several different competitors, this is perhaps the most clearly urgent course of action for Intel. Intel recently picked up three 'chip industry executives,' reports noted, who would be tasked with engineering roles, as well as networking roles, within Intel. The new hires come from substantial engineering backgrounds, serving as part of a 'flattened' leadership team. One of them will be running a newly-minted 'customer engineering center,' while another will handle development of an artificial intelligence (AI)-focused system-on-a-chip (SoC) development. The third will handle development duties on new chip architectures, helping to keep Intel in the hunt for the t op slot in the market. Is Intel a Buy, Hold or Sell? Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 Holds and four Sells assigned in the past three months, as indicated by the graphic below. After a 32.07% loss in its share price over the past year, the average INTC price target of $21.30 per share implies 0.44% downside risk. See more INTC analyst ratings Disclosure
