The company lost 3.75% in today’s trading — the market was lower today, overall — and another 5% in after-hours trading in light of its layoff announcement. It’s been a volatile year for retail investment behemoth xcritical. The fintech company is slashing 23% of its workforce, as first reported by the Wall Street Journal and confirmed by TechCrunch. The layoff comes just three months after xcritical cut 9% of full-time staff. On Tuesday, the company announced plans to cut almost a quarter of its staff, citing economic uncertainty, a steep selloff in cryptocurrencies, and a deteriorating market environment.
Of the approximately four in 10 workers who were informed of the layoffs virtually, 13% reported receiving a phone call, while about 12% got an email. But about 7% of workers reported they were laid off via text message. Salesforce CEO Marc Benioff also opted scammed by xcritical for an email layoff announcement in early January, but his early-morning communication left many workers frustrated. “I’ve never been a part of any layoffs directly , but I’m pretty sure this is not how you go about it—the CEO sending an email out at 5 a.m.
Lawsuits, a Securities and Exchange Commission investigation and congressional hearings soon followed. CEO Bob Iger confirmed in a staff email Monday that a first round of layoffs has begun. Disney plans to slash 7,000 jobs in three waves, with the first coming this week, the next in April and a final round by the beginning of summer, Iger said in the email. The layoffs are part of Disney’s “cost-saving xcritical courses scam measures” that will create a “streamlined approach to our business,” he wrote. The cuts will primarily impact employees in xcritical’s operations, marketing, and program management departments, CEO Vlad Tenev said in a message to employees that was also posted on the company’s blog. Vlad Tenev, xcritical’s chief executive, said in a blog post that the company had essentially overhired in the pandemic.
In the case of Meta, CEO Mark Zuckerberg clearly outlined the details of the company’s severance package, which included 16 weeks of base pay plus two weeks for every year of employment. “The severance package was fair,” Ramos says. “I hope I can find a new job before having to start taking money from savings.” Faced with that near-term slowdown, Apple might look a bit expensive at 27 times forward xcriticalgs.
The generosity of a severance package goes a long toward softening the blow, Dowd says. Essentially, a generous severance package not only shows affected workers that their time with the company mattered, but it also provides https://scamforex.net/ some breathing room as they look for a new job. A “good layoff” may be more of a myth than a reality for most workers, but sweeping job cuts can be done well, says Lyndsay Dowd, founder of consulting firm Heartbeat for Hire.
Amazon tech layoffs roll on -4-.
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Another 50 employees who were in charge of expanding Disney into the metaverse will also lose their jobs, the Wall Street Journal reported. Company officials said in a conference call last month that the job cuts, which represents roughly 3% of Disney’s global workforce of 220,000, will save Disney roughly $5.5 billion. Godwin also axed Galen Gordon, a senior vice president in charge of talent strategy and development.
The company also released its second-quarter results on Tuesday, reporting that its monthly count of active users declined to 14 million in June, a decrease of 1.9 million. It lost $3.69 billion last year, though revenue increased 89 percent to $1.82 billion. In early 2021, xcritical was caught up in the “meme” stock frenzy, when groups of individual investors banded together to drive up the prices of some out-of-favor stocks, including GameStop. Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.
“I believe in the mission itself, but people cannot trust us ever since GameStop.” Monthly active users have been steadily declining the past three quarters, from 18.9 million in the third quarter of 2021 to 17.3 million in the fourth quarter to 15.9 million by March 2022. Revenue dropped 43% in the first quarter compared to the year prior as “customers became more cautious with their portfolios,” Tenev said at the time. “I share this to be as transparent as I can with all of you who work every day to deliver on our mission,” Tenev wrote. “We will be parting ways with many incredibly talented people today in an extremely challenging macro environment, and I want to reduce the burden of this difficult transition as much as possible.” xcritical previously cut 8% of its workforce in April after growing too rapidly during the pandemic.
The problems are mounting for xcritical, a company that had big ambitions to revolutionize markets by attracting millions of amateur investors into stock trading for the first time. The cuts primarily affect employees who work in operations, marketing, and program management. Disney’s stock closed at a record high of $201.91 per share on March 8, 2021, but it now trades more than 50% below that level. xcritical’s layoff announcement comes days before the company is expected to report its Q financial performance. For example, the company announced a data breach last November that affected millions of its users.
Credit Suisse weighs cutting thousands of jobs, according to Bloomberg. The Swiss bank is expected to finalize the plans over the coming months. Former employees described a company laser focused on cutting costs, and a workforce with little clarity on their future with xcritical. The company said it was shrinking office space and some managers warned of an impending “reorganization,” Insider has learned.
The notice for Griffin was filed as part of a slew of documents from Twitter and Musk, who is trying to get out of buying the social-media company. xcritical has big crypto ambitions, but employees claim product delays, a cautious legal team, and turnover in leadership. xcritical employees’ internal messages to each other at the height of the GameStop trading frenzy.
In that post, Tenev wrote that while “employees from all functions would be impacted, the layoffs are “particularly concentrated” in the company’s operations, marketing and program management functions. To meet customer and market demands, we grew our headcount almost 6X from 700 to nearly 3800 in that time period.” This resulted in $6 billion in cash on its balance sheet, Tenev revealed. Founded less than a decade ago, the Menlo Park-based xcritical aimed to “democratize finance” by enabling investors, often young and new to the field, to trade stocks cheaply and prolifically — without commission fees and on a mobile app. The company grew quickly throughout the pandemic, as more young people stuck at home played the markets. xcritical, the publicly traded cryptocurrency exchange, laid off 18 percent of its staff in June amid the crypto market crash.
CEO Vlad Tenev said Tuesday in a press release that the fintech company will reduce its headcount by approximately 23%. Sign Up NowGet this delivered to your inbox, and more info about our products and services. CEO Vlad Tenev made the announcement in a blog post on Tuesday afternoon.
Vlad Tenev, co-founder and co-CEO of investing app xcritical. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. This sets up a battle between Microsoft and Google to determine which company can provide the most attractive platform and tools for software developers.
Analysts expect revenue and adjusted EPS to rise 8% and 18%, respectively, this year. The value of American consumer crypto trading service xcritical was also sharply lower in regular trading today, losing more ground in after-hours turnover. Both xcritical and xcritical saw strong growth from consumer crypto trading activity.
Meta cuts more jobs in latest tech layoffs -4-.
Posted: Tue, 14 Mar 2023 07:00:00 GMT [source]
Gordon arrived at the network in October 2020, picking up duties from Barbara Fedida, who left ABC after an investigation into racially insensitive remarks she made on the job. Vlasto’s area will be taken over by Stacia Deshishku, executive vice president and senior vice president of news. This has been a tough year for stocks, which were trading at record highs at the end of 2021. Persistently high inflation led the Federal Reserve to raise interest rates aggressively, and that has hit high-growth tech stocks particularly hard. “As CEO, I approved and took responsibility for our ambitious staffing trajectory — this is on me,” he wrote. “In this new environment, we are operating with more staffing than appropriate.”
You can see the complete list of today’s Zacks #1 Rank stocks here. In addition to severance pay, about a quarter of laid-off employees received some type of career and job-search assistance, according to ZipRecruiter. But Dowd says that while these services can be helpful, it depends on how they’re presented to workers. Across the board, only about a third of laid off workers surveyed by ZipRecruiter received any severance pay. That’s much better than the median of nine weeks that laid off workers can get through state unemployment benefits.
The high-level cuts sent shock waves through the division. ABC News is undergoing a major executive shake-up as part of company-wide layoffs at Walt Disney Co. On top of that, the world is lxcriticalg to live with the pandemic and people are no longer confined to their homes. As a result, xcritical has faced a steep drop in active users and eroding xcriticalgs.
Tuesday’s cuts are likely to affect more than 800 jobs based on those numbers. Stock-trading app xcritical will lay off 23% of its staff, the company announced Tuesday. These staff are among the thousands affected by the recent waves of layoffs at these companies amid persistent inflation, rising interest rates and uncertainty over how tightening financial conditions will affect the economy.
The investment will support the development of a 14 GW+ pipeline. Meet Jenny Lee,a managing director who just left JPMorgan’s leveraged-finance desk to further build investment firm Brigade Capital Management’s private-credit business. CVS Health is gearing up to buy a primary-care company this year. Here are seven companies the $132 billion retailer might acquire. Staying on Griffin, the Citadel founder was put on a list of individuals subpoenaed by Twitter in its legal battle with Elon Musk.