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Money Tesla cuts 9 per cent of workforce in bid to post a profit

22:06  12 june  2018
22:06  12 june  2018 Source:   msn.com

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Twitter has announced it will be laying off 9 percent of its staff (roughly 350 people), as the company tries to cut costs and refocus its operations. The company repeatedly hammered the theme that it wants to become profitable in 2017, with the newly announced job cuts helping in that goal.

Twitter has announced it will be laying off 9 percent of its staff (roughly 350 people), as the company tries to cut costs and refocus its operations. Popular Posts . Tesla says Model X involved in fatal crash was on Autopilot. David.

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DETROIT - Electric car maker Tesla Inc. is laying off about 3,600 workers mainly from its salaried ranks as it slashes costs in an effort to deliver on CEO Elon Musk's promise to turn a profit in the second half of the year.

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Oct 27 (Reuters) - Twitter Inc reported a sharp slowdown in quarterly revenue growth on Thursday and said it would cut 9 percent of its global workforce . What's Working : Purpose + Profit .

Twitter is cutting 9 percent of its staff, or roughly 350 people, as part of a broader plan to cut costs at the company and refocus its business. Twitter announced the cuts early Thursday morning along with the company’s Q3 earnings, which beat Wall Street expectations.

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In an email to workers on Tuesday, Musk said the cuts amount to about 9 per cent of the company's workforce of 40,000.

Tesla would not say how much money the layoffs would save, but said no factory workers would be affected as the company continues to ramp up production of its lower-priced Model 3 compact car.

"Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are difficult to justify today," Musk wrote in the email. He thanked departing employees for their hard work and said Tesla is providing "significant salary and stock vesting" to those being let go, based on their length of service.

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Intel on Tuesday confirmed it plans to cut 12,000 jobs — that’s 11 percent of its workforce — as it Along with the restructuring, Intel posted quarterly results. Earnings were ahead of what many analysts were expecting, but the chipmaker cut its sales and profit outlook for the remainder of the year.

News of Vine's death came in a blog post from Vine, the micro-video app and site owned by Twitter, hours after Twitter announced plans to reduce its workforce by about 9 percent . Adjusted profit of 13 cents per share on revenue of 6 million.

Tesla has not made an annual profit in its 15 years of doing business, and it has posted only two quarterly net profits.

At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period. For nearly all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

It's not the first time Tesla has laid off workers. The company let go of 400 to 700 workers last fall after completing annual performance reviews, and it laid off a small number of workers back in 2008.

Musk wrote in the email that the company will never achieve its mission to help move the world to cleaner energy "unless we eventually demonstrate that we can be sustainably profitable."

The company is making the move now so it never has to do it again, he wrote. Tesla still has a significant need for production workers as it tries to reach Model 3 manufacturing targets, he wrote in the email.

The layoffs come in engineering, sales and other front-office functions, but the company says the remaining workforce is large enough to accomplish Musk's lofty goals of rolling out a semi, pickup truck and a new SUV in the coming years.

Tesla shares rose 2.5 per cent to $340.43 in afternoon trading, after reaching as high as $354.97 around noon.

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