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☆ Portfolio manager names 3 under-the-radar growth stocks to buy right now
▼ + stars: | 2024-05-10 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

One investor says growth stocks still offer opportunities — but it's time to get selective. "Growth stocks will continue to outperform value stocks, generally speaking. Growth stocks are expected to grow rapidly, but do not pay out dividends and are often often more expensive than so-called value stocks. When considering which stocks to buy, Coons stressed the importance of valuations. "I would stay away from growth stocks outperforming because of story and invest in those with real revenue and earnings growth."

Persons: Adam Coons, Coons, PayPal Holdings Coons, " Coons, Moody's Organizations: Winthrop Capital Management, CNBC Pro, PayPal Holdings, PayPal, C Technologies, SS Locations: Coons

☆ Instagram's top exec praised YouTube's monetization and dissed Snapchat's, as he explained his platform's approach
▼ + stars: | 2024-05-09 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +6 min

Last month, the company rolled out a new temporary "Spring Bonus," which he said was called Spring Bonus and not the "permanent bonus program" because he wanted to set expectations. For Instagram's bonus program to be successful, it would need to meet three criteria, according to Mosseri:It's a sustainable model, and Meta is not "burning cash." 'The thing I'm most excited about is subscriptions'The bonus program wasn't the only feature top of mind for Mosseri. Advertisement"The thing I'm most excited about is subscriptions," Mosseri said. And while it isn't useful for every creator, Instagram recently announced that there are now 2 million active subscriptions to creators on the app.

Persons: —, Adam Mosseri, Mosseri, — Haley Kalil, Hassan Khadair —, Instagram, she's, Kalil, I'm, TikTok, Snapchat, We're, That's, it's, YouTube's Organizations: Service, Meta's, YouTube, Business, Meta Locations: York

☆ How soccer club Juventus is becoming one of the leading sports brands on social media despite 'tough times' on the pitch
▼ + stars: | 2024-05-09 | by ( Marta Biino | ) www.businessinsider.com time to read: +6 min

Juventus is a 127-year-old Italian soccer club with a long history of success. With 32.7 million followers, Juventus' account is the fifth-most-followed soccer team on the platform, and its audience is bigger than that of the NBA or WWE. It's also the sixth in the world across all social media, according to data from the soccer analysis platform Football Benchmark. From left: Juventus players Wojciech Szczęsny and Kenan Yıldız with YouTuber Celine Dept during the launch day of Juventus Creator Lab. One of the areas of the new Juventus Creator Lab.

Persons: It's, Juventus, Mike Armstrong, Cristiano Ronaldo, Paulo Dybala, Armstrong, Filippo Alfero, he's, we've, fandoms, it's, Wojciech Szczęsny, Kenan Yıldız, Celine, Daniele Badolato Organizations: Juventus, UEFA Champions, NBA, WWE, Business, Juventus FC, Amazon Prime, YouTube, EA Sports, Getty, Juventus FC At Locations: Italian

☆ Email startup Beehiiv just raised $33 million to build a big ad business and differentiate itself from rival Substack
▼ + stars: | 2024-05-02 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The firm closed a $33 million round of Series B funding, with the bulk of the money going toward building out its advertising business, CEO Tyler Denk told Business Insider. With the new round of funding, Beehiiv hopes to make $5 million from ads in 2024, he said. AdvertisementBeehiiv acquired the email ad platform Swapstack and launched its ad network that places ads in newsletters during the third quarter of 2023. Beehiiv's Denk said that Beehiiv has a "difference in philosophy" on ads than Substack does.

Persons: —, Tyler Denk, Beehiiv, Denk, Boston Globe Media's, Beehiiv's cofounders, Substack, Jesse Singal, Beehiiv's Denk Organizations: Service, Business, NEA, Sapphire, Lightspeed Venture Partners, Boston Globe, Morning, Netflix

☆ 39-year-old who makes $9,300/mo in passive income: My No. 1 piece of side hustle money advice
▼ + stars: | 2024-05-01 | by ( Jannese Torres | ) www.cnbc.com time to read: +6 min

Today, at 39, I have seven income streams, including affiliate marketing, blog and podcast ads, speaking engagements, digital courses, AirBnB rental income and brand partnerships. I used to use basic spreadsheets to reconcile my side hustle income and expenses, and I usually only did this at year's end, so I had little idea what was happening throughout the year. Setting up your business finances involves several important steps to ensure that you can effectively manage your income, expenses and overall financial health. Cash accounting records transactions when money actually changes hands, while accrual accounting records them when they occur, regardless of when payment is received. Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories.

Persons: Dinero, Jannese Torres Organizations: CNBC Locations: Puerto Rican

☆ Walmart will close all of its health care clinics
▼ + stars: | 2024-04-30 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +1 min

New York CNN —Walmart, the largest retailer in the United States, will close all 51 of its health care clinics in six states and end virtual health care services, the company said Tuesday. Walmart had made a big push into health care in recent years, opening clinics next to its superstores that offered primary and urgent care, labs, X-rays, behavioral health and dental work in six states — Arkansas, Florida, Georgia, Illinois, Missouri and Texas. Walmart had targeted rural and underserved areas that have a shortage of primary care facilities. The announcement is an abrupt reversal in Walmart’s strategy and may leave a gap in health care access, particularly for lower-income patients without insurance who relied on the clinics. Walmart also said it will end virtual health care services.

Persons: “ Organizations: New, New York CNN, Walmart Locations: New York, United States, — Arkansas, Florida, Georgia , Illinois , Missouri, Texas

☆ UBS chair says Swiss banking giant is not 'too big to fail'
▼ + stars: | 2024-04-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is "not too big to fail," as he criticized Swiss government proposals to strengthen its capital requirements. Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer. "UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet," Kelleher said. This is a breaking news story and will be updated shortly.

Persons: Colm Kelleher, Kelleher Organizations: UBS, Credit Suisse Locations: Swiss, Europe

☆ 'Lose-lose situation': New Swiss bank laws could derail UBS' challenge to Wall Street giants
▼ + stars: | 2024-04-11 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Sergio Ermotti, CEO of Swiss banking giant UBS, during the group's annual shareholders meeting in Zurich on May 2, 2013. Fabrice Coffrini | Afp | Getty ImagesSwitzerland's tough new banking regulations create a "lose-lose situation" for UBS and may limit its potential to challenge Wall Street giants, according to Beat Wittmann, partner at Zurich-based Porta Advisors. The government-backed takeover was the biggest merger of two systemically important banks since the Global Financial Crisis. At $1.7 trillion, the UBS balance sheet is now double the country's annual GDP, prompting enhanced scrutiny of the protections surrounding the Swiss banking sector and the broader economy in the wake of the Credit Suisse collapse. The Wednesday report floated giving additional powers to the Swiss Financial Market Supervisory Authority, applying capital surcharges and fortifying the financial position of subsidiaries — but stopped short of recommending a "blanket increase" in capital requirements.

Persons: Sergio Ermotti, Fabrice Coffrini, Beat Wittmann, Wittmann, Wittman, Goldman Sachs, Morgan Stanley — Organizations: UBS, Afp, Getty, Wall, Porta Advisors, Swiss, Credit Suisse, Suisse, Swiss Financial Market, Authority, JPMorgan, Citigroup Locations: Zurich, Switzerland

☆ Biotech startup Seed Health is betting its profits on AI-powered medical science
▼ + stars: | 2024-04-11 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +7 min

On Thursday, Seed Health launched CODA, a computational biology platform funded by its consumer business profitability. Seed Health has been in the business of microbiome scientific breakthroughs since its founding in 2015, but its biggest success to-date may have been becoming profitable as a bioscience startup. Katz's co-founder and co-CEO at Seed Health, Raja Dhir, said CODA and the accompanying data set will help to standardize microbiome science methods, which has long been an issue in the field. CODA's first applications are in metabolic health, brain health, longevity, and menopause, research areas chosen because they have already been identified as areas of human health where early CODA data displayed the strongest evidence. Seed Health has been working on several efforts around pioneering microbiome science for human and planetary health, and many in the field believe the approach is destined to have wider applications.

Persons: Katz, Ara Katz, Eran Segal, Eric Topol, transcriptome, Katz's, Raja Dhir, Dhir, Arpana Gupta, Goodman, There's, Segal, Joseph Petrosino, Petrosino Organizations: Seed, Seed Health, CNBC, Weizmann Institute of Science, Scripps Research Institute, UCLA, Luskin Microbiome, Baylor College of Medicine, Center, Metagenomics, Microbiome Research

☆ I'm a Swede who used to work with Americans. These are the main differences I saw in our working cultures.
▼ + stars: | 2024-03-31 | by ( Megan Carnegie | ) www.businessinsider.com time to read: +6 min

These are the main aspects of working in Sweden that other cultures might find surprising. AdvertisementSupport for working parentsIn Sweden, parental leave has become an incubator for new ideas and people often change career direction during their leave. Being on leave gives you time to think with some distance from everyday life. I have been financially supported during my parental leave and as my children grow. Collective bargaining, another tenet of Swedish working culture, prioritizes employee needs and gives more power to the employee.

Persons: —, Sofia Brandt, Ally, There's, they're VAB, I'd, wouldn't, that's Organizations: Service, Accenture, Business Locations: Gothenburg, Sweden, American, San Francisco, America

☆ Modular homes were hailed as a solution to housing crises. But the sector is now struggling to scale
▼ + stars: | 2024-03-18 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +7 min

Modern tech-enabled versions of modular housing promise a faster, more sustainable solution to housing crises, according to experts. The fact that modular housing is also made in a controlled factory environment means less waste is generated, while also resulting in more energy-efficient homes. A 2022 report from industry group Make UK Modular highlighted that 80% fewer vehicle movements were needed to development sites with modular building. In the U.K. last year, Ilke Homes collapsed, while Legal & General moved to wind down its modular housing factory. By comparison, a Make UK Modular report published last year said more than 3,000 modular homes were being built in the U.K. annually, though there was capacity to build five times that number.

Persons: Prefabrication, William the Conqueror, Andrew Shepherd, Shepherd, Modulous, Jonatan Pinkse, Pinkse, Suzanne Peters, Daniel Paterson, prefabrication, Richard Valentine, Valentine, Selsey Organizations: Bloomberg, Getty, Sears, CNBC, University of Cambridge, Edinburgh Napier University, Ilke, Legal, King's College, Alliance Manchester Business School, Savills Research, McKinsey, Company, Ikea, Vonovia Locations: Foston, Derby, housebuilding, England, U.S, King's College London, Wales, Selsey, Sweden, Japan, prefabrication, Berlin, Germany

☆ Companies are required to disclose their climate impact, SEC says
▼ + stars: | 2024-03-06 | by ( Allie Kelly | Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Under the disclosure, public companies will have to release their greenhouse gas emissions, environmental risk impacts, and risk management strategies. Climate disclosure will create a standardized way for companies to report environmental impactPreviously, companies only disclosed their climate impact information on a voluntary basis. Bryan McGannon, managing director of the nonprofit sustainable investment forum US SIF, said the climate disclosure is "a really good first step" toward increasing transparency. The SEC might also be facing litigation from corporate America, which hopes to challenge the new climate disclosure in court, McGannon said. Some companies might be concerned about the potentially high costs of gathering data and complying with the disclosure, SEC officials said.

Persons: Gary Gensler, Steven Rothstein, Rothstein, Bryan McGannon, McGannon, Gavin Newsom Organizations: Service, US Securities and Exchange Commission, Business, Economic, SEC, BI, Ceres Accelerator, Sustainable Capital, US, CNBC, Clean Energy, Jobs Locations: America, California, Michigan

☆ VSCO's CEO explains how the app found a profitable and sustainable business model — and breaks down 3 lessons for new social-media startups
▼ + stars: | 2024-02-22 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +3 min

The app, which offers a slew of editing tools like filters, became a go-to for influencers and everyday social-media users, rivaling Instagram in cool factor if not in size. VSCO's memberships make up a majority of the company's revenue and it turned a profit in late 2022, Wittman told The Information last year. "VSCO boasts a worldwide community of more than 200 million users," Wittman told BI. Wittman told BI that VSCO is "capital efficient" and a spokesperson confirmed the company is profitable by GAAP standards. Here are 3 lessons VSCO's CEO has for startups entering the social-media arena in 2024:

Persons: Eric Wittman, VSCO, " Wittman, Wittman, ByteDance's, VSCO isn't Organizations: DMs

☆ Tailored dog food supplier Tails.com is planning to cut up to 55 roles, leaked documents show
▼ + stars: | 2024-02-20 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Tails.com, a dog-food supplier owned by Nestlé Purina PetCare, is planning to cut up to 55 roles, Business Insider has learned. In January, the company announced internally that it planned to commence a round of layoffs that could affect up to 55 staffers in the UK, per documents seen by BI. Per UK employment law, the company is required to offer a statutory redundancy package to those affected by the layoffs. While the company documents acknowledged that it had hired 22 new roles in the past six months, they also said hiring for any non-critical business roles had been paused since November 2023. Unlike previous rounds of layoffs, these ones are happening while many tech companies are producing good financial results .

Persons: Nestlé Purina, PetCare, Tails.com, ‘ we’re, Nestlé, “ Organizations: Octopus Ventures, Nestlé, Business, BI, Tech, Microsoft, Google Locations: London

☆ Vinted cofounder Milda Mitkute shares the shopping app's path from 2 a.m. house party startup to $3.8B success
▼ + stars: | 2024-02-18 | by ( Polly Thompson | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Milda Mitkute, the cofounder of second-hand shopping app Vinted. But when you have 30,000 people on your site you need more servers and those invoices started going up to 200 euros. AdvertisementBut when we asked girls in Germany, France, and the US why they used Vinted, it was all about selling to earn some extra cash, authenticity, finding unique clothes, and consuming more sustainably. A life divided into projectsWhen you're young you think that the more you work, the more you're going to create. Mitkute stepped back from Vinted in 2017 and is no longer on the board but remains a shareholder.

Persons: —, Milda Mitkute, Vinted, Justas Janauskas, Justus, VIRGINIE LEFOUR, Getty, let's, Jonas Gratzer, Malvina, I've, It's, Mitkute Organizations: Service, Business, Vinted, Accel Partners, Facebook, Spotify Locations: Vilnius, Lithuania, Czech Republic, Germany, Soviet, France, Vinted

☆ What the Year of the Dragon means for businesses, according to Maybank's fengshui report
▼ + stars: | 2024-02-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

In Maybank Investment's fengshui report for 2024, its head of research Thilan Wickramasinghe, along with fengshui master Ken Koh, take a look at which sectors will outperform and which will face headwinds in the Year of the Dragon. 2024 is the year of the wood dragon and will be "unique," according to the report. Earth, metal and fireSectors under the earth element will also benefit from the dominant fire element, Maybank said, identifying sector winners as waste management, real estate, data warehousing and urban farming. "Despite rising interest rates and inflationary costs, the dominant Earth industries have shown resilience and continue to break new grounds," the Maybank report said. Most notably, in industries under the metal element — such as banking, engineering, mining and automotive — the wood element will be prominent and will bring prosperity to the metal industries.

Persons: Roslan Rahman, Investment's, Ken Koh, Koh, Maybank Organizations: Afp, Getty Locations: Singapore

☆ The 'zombie economy' is haunting the stock market and stoking uncertainty, strategist says
▼ + stars: | 2024-02-07 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

The "zombie economy" is haunting the stock market and stoking uncertainty, Canaccord Genuity's chief market strategist told Bloomberg. AdvertisementThe stock market has been jittery lately. One strategist says they've created a "zombie economy" that's contributed to volatility as interest rates have risen. "We kind of still have the zombie economy," Tony Dwyer, the chief market strategist at Canaccord Genuity, told Bloomberg on Wednesday. It's that uncertainty that is bleeding into the stock market.

Persons: Canaccord, —, they've, that's, Tony Dwyer, Genuity, It's, That's, Dwyer, haven't, Jerome Powell Organizations: Bloomberg, Service Locations: New York

☆ Amazon and Roomba maker call off acquisition deal, iRobot lays off staff instead
▼ + stars: | 2024-01-29 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

CNN —Amazon and iRobot, the maker of the popular Roomba vacuum, mutually called off their estimated $1.7 billion acquisition deal Monday, citing numerous regulatory hurdles. Amazon (AMZN), which was up about 0.5% in noon trading, will pay iRobot a previously agreed-upon $94 million cancellation fee. IRobot said the restructuring plan, impacting around 350 employees, is intended to save the company up to $150 million. In November, the European Commission said the deal could hamper competition in the robot vacuum sector. Earlier this month, the Wall Street Journal reported that the European Commission planned to block the deal.

Persons: iRobot, Colin Angle, Glen Weinstein, IRobot, “, ” Andrew Miller, iRobot’s, ” David Zapolsky, Lina Khan, ”, Meta Organizations: CNN, European, Federal Trade, European Union, European Commission, Wall Street Journal, Amazon, Federal Trade Commission, Commission, Amazon . Tech, Adobe, EU, UK, Nvidia, UK’s Competition, Markets Authority, Activision Blizzard, CMA Locations: Europe

☆ Business Insider Laying Off 8% of Staff
▼ + stars: | 2024-01-25 | by ( Katie Robertson | More About Katie Robertson | ) www.nytimes.com time to read: 1 min

Business Insider said on Thursday that it was laying off 8 percent of its staff, the latest in a wave of sharp job cuts in the media industry this month. Barbara Peng, Business Insider’s chief executive, said in an internal note that the job cuts were part of a plan, announced late last year, to shift focus solely to news coverage of business, tech and innovation. “We have already begun to refocus teams and invest in areas that drive outsize value for our core audience,” Ms. Peng wrote. “Unfortunately, this also means we need to scale back in some areas of our organization.”Ms. Peng added: “We’re committed to building an enduring and sustainable Business Insider for the coming years and beyond.”

Persons: Barbara Peng, ” Ms, Peng, “, Ms, “ We’re, ”

☆ The Los Angeles Times plunges into ‘chaos’ as brutal layoffs loom and senior editors call it quits
▼ + stars: | 2024-01-23 | by ( Oliver Darcy | ) edition.cnn.com time to read: +6 min

New York CNN —The Los Angeles Times is in disarray. The Dr. Patrick Soon-Shiong-owned newspaper, which houses the largest newsroom in the western U.S., has been thrown into a state of mayhem as severe layoffs loom and senior editorial leaders abruptly call it quits. “I cannot overstate the level of chaos,” one staffer, who requested anonymity because they were not authorized to speak publicly, candidly told me on Monday. Then, news of forthcoming mass layoffs ensued, prompting the employee’s union to stage a historic one-day walk out on Friday. “All we are asking for is the opportunity for our newspaper and hardworking journalists to be fairly compensated, and for the L.A. Times to have a fair chance to become a self-sustaining institution.”

Persons: Patrick Soon, “, ”, Kevin Merida, Meg James, — Julia Turner, Sara Yasin, Scott Kraft, Shani Hilton —, alums Hilton, Yasin, Turner, “ Scott, Shiong Organizations: New York CNN, Los Angeles Times, BuzzFeed, alums, Kraft, Tribune Publishing, LA Times, LA Times Studios, Democratic, California, . Locations: New York, U.S

☆ Tata Steel to close UK blast furnaces with loss of up to 2,800 jobs
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +1 min

Tata Steel said on Friday it will close its two blast furnaces in Britain by the end of this year, resulting in up to 2,800 workers potentially losing their jobs at its steelworks plant in Wales. Tata Steel said it would start a consultation process as part of its restructuring plan. "The course we are putting forward is difficult, but we believe it is the right one," Tata Steel Chief Executive T V Narendran said. Tata Steel employs more than 8,000 people in the UK, but the warning that as many as 3,000 of those jobs could go came in September when the government announced a funding package to help safeguard 5,000 jobs. The electric arc furnaces are operated by fewer workers compared to the blast furnaces.

Persons: Tata Steel, V Narendran Organizations: Tata, Tata Steel Locations: Britain, Wales, India

☆ Astrobotic’s Peregrine lunar lander burns up over Pacific Ocean
▼ + stars: | 2024-01-18 | by ( Jackie Wattles | ) edition.cnn.com time to read: +6 min

CNN —After soaring hundreds of thousands of miles through space and battling a propellant issue that dashed its plans, the Peregrine lunar lander has likely met its fiery end. The launch went off without a hitch, safely delivering the Peregrine lander into Earth’s orbit on a path toward the moon. But hours into its solo flight, the Peregrine lander encountered critical setbacks. A proving ground for commercial lunar landersA private lunar lander has never safely reached the moon’s surface — though other companies have tried. Astrobotic’s Thornton admitted to reporters that the Peregrine mission cost his company more money than it made.

Persons: Lockheed Martin, Astrobotic, Joel Kearns, ” Thornton, landers, SpaceIL, Ispace, Peregrine, Astrobotic’s Thornton, “ It’s, “, ” Astrobotic, Griffin, Peregrine — Organizations: CNN, Astrobotic Technology, Peregrine, NASA, United Launch Alliance, Lockheed, Boeing, Payload Services, Astrobotic Locations: Australia, Pittsburgh, South, Houston, Israel, Japan

☆ How to find a reasonably-priced and resilient stock amid the rush of earnings reports ahead
▼ + stars: | 2024-01-15 | by ( Michael Khouw | ) www.cnbc.com time to read: +8 min

Strong Balance Sheet: A strong balance sheet is often a primary indicator of a quality company. Consistent Earnings Growth: Quality companies usually exhibit steady and predictable earnings growth. Typewriter manufacturing wasn't a sustainable growth industry regardless of whether it adhered to ESG factors or not. Bear in mind that finding a quality company cheap isn't likely, but we would prefer to avoid crowded (i.e. Even without delving into the quality of management and other factors it's clear that AT & T is not a "quality" company as I defined it above.

Persons: Martin Luther King, Walt Disney Organizations: JPMorgan, Good, Sustainable, Sector, Charter Communications, Comcast, Electronic Arts, Fox Corp, Interpublic, Match, Meta, Netflix, News Corp, Omnicom, Paramount Global, Interactive, Verizon, Walt, Warner Brothers, Apple Locations: America

☆ Diamonds Made With Solar Power Are Offering Fiancées Ethical Fashion
▼ + stars: | 2024-01-13 | by ( Yusuf Khan | ) www.wsj.com time to read: +8 min

“She really did not want a natural diamond because of the child labor [concerns],” said Henshall. A lab-grown diamond made with solar power. Made largely in China and India, lab-grown diamonds are produced using heat and pressure but without any mining. Three years later the former retail executive started selling lab-grown diamonds produced in a solar-powered factory in Gujarat, India. The volume and quality can vary but is a good barometer of appetite for natural diamonds, as well as prices.

Persons: Peter Henshall, Tasha Mawdsley, Tasha, ”, Henshall, “, Peter aren’t, Paul Zimnisky, Pandora, Laura Lambert, Fenton, “ It’s, We’ve, ” Lambert, ” Beth Gerstein, David Kellie, De Beers, De, Lightbox, LVMH, Cartier, Richemont, Kyle Grant, Grant, it’s, Yusuf Khan Organizations: Natural Diamond, Business, First Insight, Baker Retailing, Wharton School, University of Pennsylvania, Diamond Exchange, Miners, De Beers, yusuf.khan@wsj.com Corrections, Amplifications Locations: Ibiza, China, India, Danish, London, Gujarat, U.S, Amplifications Danish

☆ Amazon lays off more than 500 employees in its Twitch unit
▼ + stars: | 2024-01-10 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Last March, Twitch let go of roughly 400 staffers, and it cut some employees in its customer experience division last October. Amazon has undergone the largest layoffs in its history, cutting 27,000 employees since 2022. The cuts have been ongoing, with Amazon announcing layoffs in its Prime Video and MGM Studios units on Wednesday. So while the Twitch business remains strong, for some time now the organization has been sized based upon where we optimistically expect our business to be in 3 or more years, not where we're at today. If your role is affected by this decision and you live in the US, Canada, Brazil, Mexico, or Singapore.

Persons: Twitch, Emmett Shear, Clancy, Doug Scott, Laura Lee, we've, you've, Lauren Nunes, Dan Organizations: Amazon, MGM Studios, Clancy, Team Locations: Canada, Brazil, Mexico, Singapore, Twitch

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