Last month itself, 33,000 employees went on a long strike, which badly affected production. The company is also forced to stop production of some aircraft from the year 2027. Now to improve the poor financial condition, the company has announced a 10 percent reduction in its workforce and has said that it will lay off about 17,000 of its employees. Boeing has 170,000 employees worldwide.

The company is taking such a step to reduce rising costs and cut down expenses. The decision to lay off employees is expected to be effective in mid-January. Most of Boeing’s employees work in production units located in South Carolina and Washington state in the US. The company’s CEO Kelly Ortberg has said in a letter to employees that these changes have been made keeping in mind the company’s financial situation. Kelly clarified that work on previously announced projects will continue.

Senior officials will also lose their jobs.

Ortberg told the employees last month that the job cuts will include officers, managers and employees. Ortberg told the employees that our business is going through a difficult phase and tough decisions have become necessary to deal with the challenges.

The company will also stop the production of planes

Apart from layoffs, Boeing has also announced to stop the production of commercial 767 cargo planes from 2027. Apart from this, the rollout of the new 777X has been postponed till 2026 due to technical flaws found in the company’s new aircraft 777X. It is worth noting that after two fatal accidents, the company had to stop the production of its aircraft, 737 Max. Due to this, the company has also faced many safety and regulatory challenges.

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Its effect was also seen on the shares and the buying of shares increased. This is the second time this year that large-scale layoffs are going to happen in Cisco. In February, 5 percent of its employees were laid off, under which 4 thousand had to lose their jobs. At the end of the financial year 2023 (August-July), it had 84,900 employees.

Highlights of Cisco Q4 results

Cisco earned a revenue of $13.64 billion, which was higher than the London Stock Exchange Group (LSEG) estimate of Rs 13.54 billion. Apart from this, earnings per share were 87 cents, which was higher than the estimate of 85 cents. Along with the results, the company also informed in the exchange filing that it is working on a restructuring plan which will cost $1 billion (tax has not been deducted yet).

The company says that restructuring will give it an opportunity to invest in growth areas and will also increase the capacity of the business. Of the expenditure on this, $70-8 billion will be spent in this quarter and the rest will be spent in the remaining months of the financial year 2025.

Sales decline for the third consecutive quarter

Cisco’s sales have declined for the third consecutive quarter. The company’s core business is networking, which includes switches and routers. This business has been declining since big companies started moving to the cloud years ago. In such a situation, the company also started focusing on software and security business. Its revenue in the July quarter may have been better than market expectations, but according to the company, it declined by 10 percent on an annual basis. Talking about the full financial year, sales declined for the first time since 2020. Now talking about the future, there may be another quarterly decline and the company says that in the October quarter its revenue may fall from $ 1470 million to $ 1365-1385 million on an annual basis. LESG estimates a revenue of $ 1370 million.

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American chip manufacturer Intel announced on Thursday that it will cut 15 percent of its total staff in order to streamline its operations. According to reports, Intel currently employs 124,000 people. As per the company’s announcement, around 18,000 employees may be laid off.
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The company will cut expenses by $ 20 billion.

Intel plans to cut its expenses by around $ 20 billion this year. The company had to face a loss of around $ 1.6 billion in the recent quarter. The company’s CEO Pat Gelsinger has issued a statement saying, “Our second quarter performance was very poor even though we achieved major product and technology milestones. The trends in the second half are more challenging than our previous expectations.” Chief Financial Officer David Zinsner said, “By cutting our expenses, we are taking proactive steps to improve our profitability and strengthen our balance sheet.”

The company also put a halt on its investment in Israel.

Troubled by losses, Intel had announced in June that it was also putting on hold the expansion of a major factory project in Israel. The company was planning to invest an additional $15 billion for a chip plant in Israel. Intel is facing tough challenges from its rival companies Nvidia, AMD and Qualcomm. For decades, Intel has dominated the market for chips, which are used in everything from laptops to data centers, but in recent years companies like Nvidia have moved ahead in the field of AI.

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So many employees became victims of retrenchment

According to an ET report, Paytm’s parent company One97 Communications has laid off more than 1000 employees this time. The ET report, quoting two sources related to the matter, has claimed that these layoffs have taken place within the last few months and employees of various units of Paytm have been victims. It is being told that Paytm has done this layoff to reduce its costs and to reorganize its various businesses.

Biggest layoff of Indian startup

In this layoff of Paytm, about 10 percent of its total workforce has been affected. This is considered to be one of the biggest layoffs ever in any Indian startup. 2023 has also not proved to be a good year for startup companies. This year, Indian startups laid off more than 28 thousand employees in the first three quarters.

Earlier in the year 2022, startup companies had laid off more than 20 thousand employees and in 2021, more than 4 thousand employees had been laid off. If we look at the fintech sector, Zestmoney is going to be closed by the end of this month.

Impact of RBI action

Talking about Paytm, the series of bad news is not stopping for it. Earlier, the Reserve Bank had imposed regulatory restrictions on unsecured loans, which also affected Paytm. After RBI action, Paytm decided to close small ticket consumer lending and buy now, pay later business. It is being said that employees of these two segments have been most affected by the latest layoffs.

Stock performance under pressure

The company is continuously struggling in the stock market also. Paytm shares have fallen by about 28 percent in the last one month. Its price is down by more than 23 percent in the last 6 months. In the beginning of the month of December, Paytm stock also had to face lower circuit of 20 percent. Now after the news of layoffs comes out, there is a possibility of further adverse impact on the shares.

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