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☆ Sony to lay off 900 workers from PlayStation division, or 8% of unit's global workforce
▼ + stars: | 2024-02-27 | by ( Ryan Anastasio | ) www.cnbc.com time to read: +1 min

Sony aims to sell 18 million PlayStation 5 consoles in its financial year ending in March 2023. Sony Interactive Entertainment on Tuesday said it will lay off about 900 employees in its PlayStation unit, or 8% of its global workforce, becoming the latest technology company to announce headcount trims. The Japanese gaming giant cut its sales forecast for its flagship PlayStation 5 console on Feb. 14, after it warned of lower demand. Sony at the time said that it expects to sell 21 million units of the PS5 in the fiscal year ending on March, trimmed from a previous forecast near 25 million consoles. The company's shares plunged sharply after the forecast cut announcement.

Persons: Jim Ryan, — CNBC's Arjun Kharpal Organizations: Sony, Sony Interactive Entertainment, PlayStation Locations: London

☆ Norfolk Southern proxy fight draws heavyweight politicians and regulatory scrutiny a year after derailment
▼ + stars: | 2024-02-27 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +12 min

Norfolk Southern' has underperformed both its peers and the broader market over the last year. Norfolk Southern responded on Monday, rejecting that slate and announcing it would nominate former Amtrak CEO Richard Anderson and former U.S. For Ancora, which has a successful track record as an activist investor, the proxy fight at Norfolk Southern would be its largest ever. EdgePoint controlled 3.4 million Norfolk Southern shares as of Dec. 31, or about 1.5% of shares outstanding. Norfolk Southern has yet to set a date for the annual shareholder meeting.

Persons: Alan Shaw, Norfolk Southern Scott Mlyn, John Kasich, Donald Trump, Ancora, Shaw, Jim Barber, Jamie Boychuk, Richard Anderson, North Dakota Heidi Heitkamp, Heitkamp, Anderson, Frank Blake, Matt Freed, Joe Biden, Biden, Trump, it's, there's, Ancora's, Hunter Harrison, Norfolk Southern, Martin Oberman, Oberman, Amit Bose, Bose, Jim Chadwick, Chadwick, Ancora beneficially, Barber, Boychuk, Harrison, Mandel Ngan, Ancora's Chadwick, Amy Miles, Miles, Claude Mongeau, CNBC's Leslie Picker, Heidi Heitkamp Organizations: Norfolk Southern, CNBC, Norfolk, Ancora Advisors, EdgePoint Investment Group, Republican, Amtrak, Delta Airlines, Cargill, Home Depot, U.S, Energy, Workers, East, Trump, Biden, Southern, PSR, Federal Railroad Administration, Surface Transportation, Federal, UPS, Teamsters, Canadian, . Norfolk Southern, CSX, Deutsche Bank, AFP, Getty Locations: Norfolk Southern, East Palestine , Ohio, Ohio, Norfolk, North Dakota, Medtronic, East Palestine, Cleveland, Ancora

☆ Bumble to lay off 350 employees, or about 37% of its workforce
▼ + stars: | 2024-02-27 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Bumble on Tuesday announced plans to lay off about 350 employees, or about 37% of its workforce, as part of a restructuring plan. Bumble had more than 950 full-time employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million it reported in the same period last year. Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share. Bumble is the latest company in the tech sector to announce cuts in recent months, as investors continue to push for efficiency.

Persons: Bumble, Lidiane Jones, Jones Organizations: Tuesday, U.S . Securities, Exchange Commission, Google, CNBC PRO Locations: New York

☆ Investors and execs eye Trump's potential return to the White House
▼ + stars: | 2024-02-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementThe 2024 presidential election seems destined to be the rematch many voters have been expecting : President Joe Biden against former President Donald Trump. So what would Trump's return to the White House mean for stocks? President Joe Biden gives remarks on the conflict between Israel and Palestine at the White House in Washington on October 7, 2023. During his speech, President Biden reiterated the United States' support for Israel. Amanda Andrade-Rhoades/For The Washington Post via Getty ImagesAmong the world's more powerful people, opinions are divided on the impact of Trump's return.

Persons: we've, Donald Trump, Donald Trump grins, Chip Somodevilla, Joe Biden, Trump, Nikki Haley, Haley, Biden, Trump's, that's, Matthew Fox, James Reilly, Amanda Andrade, Rhoades, didn't, Jamie Dimon, Dimon, Ray Dalio, Tesla, Warren Buffett, Berkshire Hathaway, Charlie Munger, Francois G . Durand, Jenny Chang, Rodriguez, Dick Costolo, Elon, Rebecca Zisser, Gen Zers, Millennials, Uber, Dow, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: South, GOP, Trump, South Carolina GOP, Gov, Nasdaq, Capital Economics, White, Israel, Washington, Getty, Economic, CNBC, Bridgewater, Nvidia, Berkshire, SpaceX, Dow Jones, US Locations: New Hampshire, China, Capital, Israel, Palestine, Washington, United States, Russia, Ukraine, New York, London, Chicago

☆ Sunnova CEO tries to reassure rattled investors after stock plunged 26% in worst day since March 2020
▼ + stars: | 2024-02-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The residential solar company Sunnova Energy took a beating this week as investors dumped their shares after the announcement of a stock offering plan rattled confidence in the company. Sunnova shares plummeted 26.7% Thursday after the residential solar company announced a $100 million at-the-market stock offering program. "This is just an arrow in the quiver just in case and the ratings agencies like to see it," Berger told CNBC in an interview Thursday. Residential solar companies have struggled in the face of high interest rates that have made installations more costly to households. Berger and Sunnova CFO Robert Lane described the stock offering as "good housekeeping."

Persons: John Berger, Berger, that's, Sunnova, Robert Lane, Lane, Thursday's selloff Organizations: Sunnova Energy Corp, IHS, Sunnova Energy, CNBC Locations: Houston , Texas, U.S

☆ This Marsico fund has outperformed lately by finding the best growth stories
▼ + stars: | 2024-02-23 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Their flagship Marsico Focus Fund (MFOCX) has climbed 16% so far in 2024, through Thursday, outperforming both the S & P 500 and technology-heavy Nasdaq Composite . Between 60% and 75% of the portfolio is in "core" growth companies, or those that are likely to see sustained and predictable earnings growth. The balance is in companies undergoing large transformations that can catalyze earnings growth once a restructuring is complete. "When money was very cheap and interest rates were extremely low, it was easy to buy an index fund," Marsico said. "And that's why there's greater differentiation with stock pickers than just buying a general basket of market companies."

Persons: Tom Marsico, Jimmy, Peter, outperforming, Morningstar, Marsico, he's, Eli Lilly, Uber, Marsico's Organizations: Global, Janus, Marsico Capital, Focus, Nasdaq, MFOCX, Fund, Morningstar, The University of Denver, Microsoft, Meta, Nvidia, Apple Locations: Denver

☆ AtmosZero wants to decarbonize industrial steam. Check out the 14-slide pitch deck it used to raise $21 million.
▼ + stars: | 2024-02-20 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Read previewA startup that wants to help decarbonize industrial steam has raised $21 million in a Series A round. Colorado-based AtmosZero, launched in 2022, has developed a drop-in replacement for fossil fuel boilers that are used to produce steam. Steam is used in a variety of industrial processes, from beer to papermaking, and in district heating. Most steam applications need temperatures of between 100 degrees Celsius to 225 degrees Celsius, Salvi said. AtmosZero's first product can achieve 165 degrees Celsius, with the company eyeing 200 degrees Celsius in the coming years.

Persons: —, Ashwin Salvi, we're, Salvi, There's, AtmosZero Organizations: Service, Business, New Belgium Brewing Company, US, Ventures, Constellation Technology Ventures, Constellation Energy, Energy Impact Partners, Starlight Ventures, US Department of, Decarbonization Locations: Colorado, Europe, Amsterdam

The firm downgraded the cosmetics stock to hold from buy but maintained $530 per share price target. The firm maintained a neutral rating alongside a $13 per share price target, implying nearly 10% upside ahead. The firm is standing by an underperform rating on Robinhood stock with a $12 per share price target. HSBC downgraded the software stock to hold but maintained its $22 per share price target. First Solar shares have lagged in 2024, losing 11.6% amid concern that Federal Reserve rate cuts may not arrive until later than anticipated.

Persons: Ulta, Anthony Chukumba, Chukumba, Brian Evans, Christopher Danely, — Brian Evans, Robinhood's, Robinhood, LSEG, JPMorgan's Kenneth Worthington, Goldman Sachs, Will Nance, America's Craig Siegenthaler, Wells, Biogen, Mohit Bansal, Stephen Bersey, Christopher Dendrinos, Dendrinos, Fred Imbert Organizations: CNBC, U.S, Wednesday, RBC, HSBC, Palantir, Citi, Revenue, Bank, America's, Technologies, RBC Capital Markets, Enphase Energy, Shoals Technologies Locations: 2024e, Tuesday's, U.S

☆ 3 in-demand freelance jobs that you can do from home—one can pay $500 an hour
▼ + stars: | 2024-02-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

In addition to AI services, here are three of the most in-demand freelance services for 2024, according to Fiverr, including what professionals on the platform are charging for them. Two kinds of video editing have seen "huge demand" as of late, according to Hornung: AI video editing and social media video editing. Between January and July 2023, searches for AI video editors increased by more than 625% on Fiverr. Video editors on Fiverr typically charge at least $100 per hour. Social media managers and specialists charge at least $150 per hour.

Persons: Yoav Hornung, Hornung, Fiverr Organizations: CNBC, Social Locations: U.S, Upwork

☆ 3 in-demand freelance jobs that you can do from home—one can pay $500 for a few hours of work
▼ + stars: | 2024-02-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

In addition to AI services, here are three of the most in-demand freelance services for 2024, according to Fiverr, including what professionals on the platform are charging for them. Two kinds of video editing have seen "huge demand" as of late, according to Hornung: AI video editing and social media video editing. Between January and July 2023, searches for AI video editors increased by more than 625% on Fiverr. Video editing for short-form content is another in-demand skill. Social media managers and specialists charge at least $150 per project.

Persons: Yoav Hornung, Hornung, Fiverr Organizations: CNBC, Social Locations: U.S, Upwork, Mobile

☆ Sequoia-backed fintech Pennylane just became a unicorn. Check out the 15-slide pitch deck it used to raise $43 million.
▼ + stars: | 2024-02-08 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

French accounting tech startup Pennylane has raised $43 million in a deal that valued the business at over $1 billion. Founded in 2020, Pennylane works with SMEs and accounting firms to simplify and digitize their accounting processes. The company's SaaS model pulls third-party data from platforms like Stripe and Qonto, to help SMEs with their accounting needs. This story is available exclusively to Business Insider subscribers. "We've seen very strong growth in users and revenues, without having to grow our sales and marketing spend," Waller told Business Insider.

Persons: Pennylane, Arthur Waller, Waller, it's, Visma Organizations: Business, Sequoia Locations: Paris, Pennylane

☆ Wheely, Uber's luxury competitor, launches in Dubai to take on the UAE's dominant player
▼ + stars: | 2024-02-07 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

The company, founded by Russian-Swiss entrepreneur Anton Chirkunov, told CNBC it will offer rides in the United Arab Emirates city starting Wednesday, catering mainly to wealthy clients. "European families and entrepreneurs have been moving to Dubai in the last five years," Chirkunov told CNBC in an interview ahead of the launch. Wheely's platform is tailored more toward mass market usage, however, and Chirkunov thinks his platform has an opportunity to stand out. He compares the Wheely brand to the American Express Centurion and Platinum membership credit cards in terms of brand status. Wheely plans to expand its Middle East team and chauffeur network to over 1,000 in the next three to five years, the company told CNBC exclusively.

Persons: Shariff, Covid, Anton Chirkunov, Wheely, That's, Mercedes, Chirkunov, it's, chauffeurs, Duke of Northumberland, Covid lockdowns Organizations: Russian, CNBC, United Arab Emirates, BMW, Benz, Tesla, American Express, Mercedes, East, Companies Locations: Dubai, Swiss, Europe, London, Mayfair, City of London, Wheely, Paris

He also said that Flywire trading at a discount of about 25% is "unwarranted given the company's strong competitive position and organic revenue growth trajectory." "These risks along with a tough demand setting is likely to remove any support for the stock price." — Alex Harring 5:29 a.m.: BTIG moves to sidelines on McDonald's after earnings BTIG has a different taste in its mouth about McDonald's following earnings. The bank upgraded the delivery giant to buy from neutral and hiked its price target to $175 from $160. "We expect management to deliver a strong cost reduction program to support margin expansion and attractive EPS growth despite facing a backdrop of muted revenue growth," analyst Thomas Wadewitz wrote.

Persons: Flywire, Nate Svensson, That's, Svensson, — Alex Harring, Gross, Manav Gupta, Gupta, Jairam Nathan, Nathan, Tesla, Li, Edison Yu, Yu, Piper Sandler, Arvind Ramnani, Chegg, Ramnani, Alex Harring, Tyler Radke, Palantir, Radke, BTIG, Peter Saleh, Saleh, McDonald's, Thomas Wadewitz, Wadewitz, Fred Imbert Organizations: CNBC, Parcel Service, Deutsche Bank, UBS, Leadership, Li Auto, KraneShares CSI China Internet, Citi, Wall, Revenue, UPS Locations: Tuesday's premarket, Monday's, U.S, Israel

☆ UBS to cut another $3 billion in costs as it absorbs Credit Suisse
▼ + stars: | 2024-02-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The savings will provide “necessary capacity for reinvestment to reinforce the resilience of our infrastructure as we absorb Credit Suisse and to drive sustainable growth by investing in talent, products and services,” it added. Already, UBS (UBS) slashed headcount in the fourth quarter by more than 3,100 to under 113,000, taking the number of layoffs announced last year above 16,000. “2023 was a defining year in UBS’s history with the acquisition of Credit Suisse,” CEO Sergio Ermotti said in a statement. UBS agreed to buy Credit Suisse last March for the bargain price of $3 billion in a rescue orchestrated by Swiss authorities to avert a banking sector meltdown. Ermotti has previously said that 2024 will be the “pivotal” year in the takeover of Credit Suisse, with the migration of IT systems presenting huge risks as the two banks merge operations across more than 50 countries.

Persons: Sergio Ermotti, Ermotti Organizations: London CNN, UBS, Credit Suisse, Swiss Locations: Switzerland, Swiss

☆ Amazon cuts hundreds of jobs in Pharmacy, One Medical units: Read the memo
▼ + stars: | 2024-02-06 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Amazon has eliminated hundreds of jobs in its Pharmacy and One Medical divisions, the company confirmed to CNBC. "Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy." At the start of this year, Amazon announced cuts in its Prime Video, MGM Studios, Buy with Prime, Twitch and Audible units. Here's the full memo from Lindsay:Hi everyone, The past year has been incredibly exciting for all of our health care businesses, and we're seeing tremendous growth for Amazon Pharmacy, One Medical, and Amazon Clinic. Unfortunately, these changes will result in the elimination of a few hundred roles across One Medical and Amazon Pharmacy.

Persons: Neil Lindsay, Lindsay, Andy Jassy, Brian Olsavsky, Amazon, Neil CNBC Organizations: Amazon, CNBC, Amazon Health Services, Amazon Pharmacy, MGM Studios, Amazon Clinic, Pharmacy, CARE Locations: Amazon's, d50nominations.cnbc.com

☆ Here are Jim Cramer's rapid-fire takes on 5 stocks in the news Monday
▼ + stars: | 2024-02-05 | by ( Paulina Likos | ) www.cnbc.com time to read: +1 min

Jim Cramer said this deal is Novo's way to "get more product" and addresses the "tremendous shortage" of these high-demand drugs. Shares of Eli Lilly , a stock in the CNBC Investing Club 's portfolio, were also up more than 4% ahead of Tuesday's earnings. Snap – The social media firm laid off 10% of its workforce ahead of Tuesday's earnings. Jim pointed out that Club name Starbucks (SBUX) has also been experiencing the same thing. Jim said buy McDonald's stock on weakness.

Persons: Jim Cramer, Eli Lilly, Lilly, Cramer, Cigna –, Cantor Fitzgerald, Jim Organizations: Nordisk, Catalent, CNBC, Microsoft, RBC Capital, Humana, Starbucks, Mattel –, JPMorgan, Vision, Apple Locations: Danish, Israel

☆ I've stayed in 3 types of rooms on cruises, and the cheapest was never worth it. Here's what to book instead.
▼ + stars: | 2024-02-05 | by ( Sarah Gilliland | ) www.businessinsider.com time to read: +6 min

Read previewAutomatically booking the cheapest room on a cruise ship without doing proper research first can ruin a trip. Sarah GillilandThe standard (and least expensive) room on any cruise ship is typically called an inside or interior stateroom. I've stayed in interior staterooms on a Carnival Cruise Line ship and a Disney Cruise Line ship. Sarah GillilandYou can open your curtains and enjoy the sights outside, similar to the experience of staying in an ocean-view stateroom. To make the most of the balcony staterooms, we even turned our individual verandas into one large terrace by having our steward remove the partitions between rooms.

Persons: —, who's, I've, Sarah Gilliland Organizations: Service, Business, Cruise, Disney Cruise, Disney, Royal, Royal Caribbean's Symphony, Cruises Locations: Royal Caribbean

☆ Dell tells 'hybrid' workers to come into the office 3 days a week
▼ + stars: | 2024-02-05 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Read previewDell has told some workers they must start going into the office about three days a week. Under the new rules, employees in "hybrid" roles must go to a company office at least 39 days a quarter — the equivalent of about three days a week, a Dell representative told Business Insider. AdvertisementDuring the pandemic Dell encouraged remote working, saying that 60% of its workforce could continue working from home regularly after it ended and only needed to come into the office once or twice a week. In March 2023, the company issued a new mandate ordering all staff living within an hour of Dell offices to commute into the office at least three days a week, Tech Radar reported. About two-thirds of Dell staff are outside the US.

Persons: —, Dell, Carewell Organizations: Service, Dell, Business, Amazon, Google, Apple, Tech Radar, Bloomberg, Research

☆ Stocks sink after Fed Chair Powell pleads for patience on rate cuts
▼ + stars: | 2024-02-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks fell Monday morning after Federal Reserve Chair Jerome Powell said Sunday the central bank is not ready to cut interest rates yet. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he said in a “60 Minutes” interview with CBS that aired late Sunday. Traders see a mere 15% expectation that the Fed will cut rates in March, compared to 46% a week ago. Elsewhere, McDonald’s shares fell 3.9% after the fast-food chain reported mixed earnings and said that turmoil in the Middle East is hurting its business. Boeing shares lost 1.2% after a new problem has been found during the production of 737 Max jets that will force Boeing to rework about 50 planes that have not yet been delivered.

Persons: Jerome Powell, ”, Dow, Powell, ’, McDonald’s, Estee Lauder Organizations: New, New York CNN, Sunday, CBS, Nasdaq, Treasury, Traders, Boeing Locations: New York, mull, pare

☆ Tech's longtime highfliers are growing up by getting smaller
▼ + stars: | 2024-02-02 | by ( Ari Levy | ) www.cnbc.com time to read: +7 min

They're still out hunting for the best technical talent, particularly in areas like artificial intelligence, but headcount growth is measured. Last year, tech companies were responding to dramatically changing market conditions — soaring inflation, rising interest rates, rotation out of risk — after an extended bull market. Meta slashed over 20,000 jobs in 2023, Amazon laid off more than 27,000 people, And Alphabet cut over 12,000 positions. Other than Nvidia , which had a banner 2023 due to soaring demand for its AI chips, none of the other mega-cap tech companies have been growing at their historic averages. By late this year, analysts are projecting growth at Meta will be back down to the low teens at best.

Persons: Tayfun, There's, Daniel Flax, Neuberger Berman, CNBC's, Morgan Stanley, Brian Nowak, Brian Olsavsky, They're, Mark Zuckerberg, Zuckerberg, Olsavsky, Phil Spencer, Justin Sullivan, Okta, Zuora, Evan Sohn, Recruiter.com, " Sohn, Susan Li, Ben Barringer, Cheviot, Barringer, —, Annie Palmer Organizations: Anadolu Agency, Getty Images Technology, Amazon, Meta, hasn't, Microsoft, Activision Blizzard, SAN FRANCISCO, Activision, FTC, Getty, Federal, Labor Department's Bureau of Labor Statistics, Tech, Nvidia, Finance, CNBC Locations: Menlo Park , California, Silicon Valley, CALIFORNIA, San Francisco , California

☆ Mark Zuckerberg has had quite the week
▼ + stars: | 2024-02-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In today's big story, we're recapping earnings from three tech giants: Meta, Apple, and Amazon. The big storyMeta's mega-winMark Zuckerberg is smiling: Its profit margins are much improved — and that's partly because of a shrinking headcount. Josh Edelson/AFP/Getty Images ; Isabel Fernandez-Pujol/ BIMark Zuckerberg has had quite the week. It lost $16 billion on the Metaverse in 2023, and Zuckerberg indicated more pain for years to come.) Following the success of Meta's "Year of Efficiency," Zuckerberg said that the company may never go back to large-scale hiring.

Persons: —, Phil doesn't, Zuck, Mark Zuckerberg, Josh Edelson, Isabel Fernandez, Sarah Jackson, Meta, Zuckerberg, BI's Peter Kafka, Peter, Richard Drew, Wall Street's, Rufus, BI's Eugene Kim, Amazon, Aaron Schwartz, Diem, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Apple, Business, Getty, Pujol, Meta, Amazon, Xinhua, Microsoft, Chevron Corporation, ExxonMobil, Cigna Locations: AFP, China, New York, London

☆ Amazon's CFO declines to say layoffs are over and commits to 'very careful' investments
▼ + stars: | 2024-02-02 | by ( Eugene Kim | ) www.businessinsider.com time to read: +1 min

Amazon's CFO Brian Olsavsky declined to say whether more layoffs are coming. Olsavsky said Amazon will make "very careful" investments. AdvertisementEven after cutting at least 27,000 jobs since late 2022, Amazon may not be done with layoffs. During a call with reporters on Thursday, Amazon's chief financial officer Brian Olsavsky declined to answer a question about whether layoffs are over and hinted even more job cuts may be on the table. This story is available exclusively to Business Insider subscribers.

Persons: Brian Olsavsky, Olsavsky, — Organizations: Service, Business

☆ A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
▼ + stars: | 2024-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. Carvana puts each vehicle it intends to sell through a lengthy inspection, repair and sale preparation process. A Ford F-150 is prepped for a painting booth at Carvana's vehicle reconditing center outside Phoenix. The Wall Street Journal in December 2021 detailed a network of Garcia companies that do business with DriveTime, Carvana or both. Carvana sells such warranties or other service-related protections to customers, and DriveTime takes them over, giving Carvana a commission.

Persons: Michael Wayland, Ernie Garcia III, Ernie Garcia II, Garcia, Carli, Carvana, There's, Richard, Dick, Nixon, there's, Ernie Garcia, pathing, Rajat Gupta, Doug Guan, we've, CNBC Guan, Coldplay, Neil Diamond, Teresa Aragon, DriveTime, Duckling, Garcia II, Charles Keating's Lincoln, hasn't, – Organizations: CNBC PHOENIX, CNBC, Ford, Ford Motor, Nissan, State, Charles Keating's Lincoln Savings & Loan, Street Journal, DriveTime Locations: Tempe, Ariz, Tempe , Arizona, Phoenix, Carvana, Florida, reconditioning, Silicon Valley, Aragon, DriveTime, Drivetime

☆ Mark Zuckerberg says Meta may never go back to large-scale hiring as its Year of Efficiency becomes 'permanent'
▼ + stars: | 2024-02-02 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

Going forward, getting a job at Meta and keeping it will remain tough. Mark Zuckerberg , cofounder and CEO of Meta, formerly Facebook, said Thursday during the company's fourth-quarter earnings call that 2023's " Year of Efficiency " was so successful for the company that a "leaner" operating structure will be "a permanent part of how we operate going forward." While Meta said it has "completed" layoffs from 2023, Zuckerberg is still applying his new efficiency mentality. Meta will also continue to squeeze head count and hiring, Zuckerberg said. Despite Meta's success in growing revenue, profitability, and cutting costs over the last year, hiring plans going forward are "relatively minimal, compared to what we would have done historically," Zuckerberg said.

Persons: Mark Zuckerberg, Meta, Zuckerberg Organizations: Meta, Facebook, Business Locations: Instagram

☆ January jobs report: Expect to see strong but slower hiring and an uptick in the unemployment rate
▼ + stars: | 2024-02-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

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