Warner Bros Discovery plans new cost cuts
The cost-cutting plans could include possible layoffs at the media company which has already eliminated more than 2,000 positions over the past year, according to the report.
The cost-cutting plans could include possible layoffs at the media company which has already eliminated more than 2,000 positions over the past year, according to the report.
The Recruitment and Employment Confederation said permanent hiring fell by the smallest amount in 10 months, while billings for temporary staff dropped by the least since January.
Shares of the Bedford, Massachusetts-based company rose more than 4% in extended trading as it separately forecast annual revenue above estimates.
Li, considered a pioneer in the AI field, raised money for the company in a recent seed funding round. Investors included Silicon Valley venture firm Andreessen Horowitz, three of the sources said, and Radical Ventures, a Canadian firm she joined as a scientific partner last year, according to two others.
The number of people taking cruises hit a record in 2023, and with the surge in demand and larger vessels, labor needs are growing. Tourism boards and port operators from around the world said Royal Caribbean is looking to hire worldwide and the company confirmed it will hire around 10,000 workers this year.
Studios such as "Hi-Fi Rush" maker Tango Gameworks, headquartered in Tokyo, and Canada-based Alpha Dog will also be closed and some employees will be laid off, Matt Booty, head of Xbox Game Studios said in a memo that was seen by Reuters on Tuesday.
The company said on Tuesday it targets pre-tax gross savings of about $350 million annually by 2026 through the cost-cutting program, but will incur $275 million each in restructuring expenses in 2024 and 2025.
Recruiters - seen as bellwethers for the broader economy - have been flagging tough hiring conditions in recent quarters, as workers prefer to avoid the risk of changing jobs.
Bolster replaces Kirk Crews, who was named as the finance chief in March 2022. Crews will move to the role of executive vice president and chief risk officer.
The firm's offshore platform CLSA notified around 10 bankers on Tuesday and by the end of the week about a dozen of bankers will be impacted, the sources said.
Data from Australia and New Zealand Banking Group and employment website Indeed showed job ads increased 2.8% in April from March, when they fell by 1.0%.