Walmart, Oracle, Robinhood lead job cuts this week

Walmart, Oracle, Robinhood lead job cuts this week

Despite a much more robust than expected July jobs reportlayoffs are taking place at a brisk pace in early August, with a large number of companies making layoffs over the past week.

Technology giant Oracle reportedly led the pack in shedding workers from its U.S. customer experience division on Monday, with further rounds of layoffs expected in several other divisions as the software company grapples with economic difficulties.

Oracle Corp. has reportedly started cutting jobs in recent weeks. (Michael Short/Bloomberg via Getty Images/Getty Images)

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ORCL ORACLE CORP. 77.35 -0.05 -0.06%

Earlier reports last month said jobs would be cut across Oracle divisions in India, Canada and Europe, with thousands of workers facing pink slips.

According to the Wall Street Journal, hundreds of Oracle employees have already been laid off.

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The week also started with a report that insurer GEICO has closed its 38 offices in California, laying off the hundreds of telephone agents it had in the state. The company did not provide its reasoning behind the decision, but reiterated that Californians can still obtain GEICO policies in the state by purchasing them online.

Robinhood then announced on Tuesday that the brokerage firm would cut its workforce by 23% as part of a reorganization after reporting a 44% drop in second-quarter revenue.

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HOOD ROBINHOOD MARKETS INC. 10:40 a.m. -0.48 -4.41%

Retail titan Walmart confirmed on Wednesday that this is also the case dismiss employees from the company as part of a restructuring process, taking the decision after it lowered its earnings outlook for the second quarter and full year as inflation takes its toll.

walmart

Walmart plans to lay off hundreds of company employees as part of a restructuring effort after the retailer cut its profit outlook for the second quarter and the rest of the year. (Justin Sullivan/Getty Images/Getty Images)

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WMT WALMART INC. 126.61 +0.97 +0.77%

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On the same day, plant-based food company Beyond Meat announced that it reduce its workforce around 4% in a context of falling demand for its products in the United States

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BYND BEYOND MEAT INC. 38.26 +6.87 +21.89%

CNET reported earlier this week that Verizon has also cut its workforce, after rival wireless carrier T-Mobile made cuts.

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Verizon Wireless reportedly followed rival T-Mobile in making staff cuts in recent weeks. (Photo illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

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VZ VERIZON COMMUNICATIONS INC. 44.95 +0.52 +1.17%
TMUS T-MOBILE US INC. 144.56 +0.77 +0.54%

But with many companies remaining mum on the number of job cuts, it’s impossible to know whether reports of layoffs will match a trend that could have a noticeable impact on the economy as a whole until the report. on August Jobs is coming.

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The Labor Department’s latest monthly report showed 528,000 jobs were added to the U.S. payroll in July, eclipsing Refinitiv economists’ forecast of 250,000. However, job growth momentum is expected to slow over the coming months as companies make cuts to mitigate slowing demand amid soaring inflation.

Bradford Betz, Phillip Nieto, Megan Henney and Reuters of FOX Business contributed to this report.

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