Tech Mahindra reported a 61 per cent decline in its third quarter profit for the financial year 2023-2024 on Wednesday. The company said its profit stood at Rs 510.40 crore against Rs 1,297 crore during the corresponding period in 2022. The tech giant’s revenue stood at Rs 13,101 crore, up by 1.8 per cent on […]
Flipkart unveils a performance-based job cut strategy, aiming to streamline its workforce by 5-7 per cent. Annual performance reviews will dictate the reductions, expected to conclude by March-April, marking a resurgence in tech layoffs. While this isn’t Flipkart’s first venture into performance-based layoffs, the move aligns with its broader restructuring plans to refine operational efficiency. […]
Tata Coffee, a Tata Group company, is set to finalise its merger with Tata Consumer Products (TCPL) and Tata Beverages and Foods (TBFL) on Monday, as per the company’s stock exchange filing. The record date for determining the shareholders entitled to receive TCPL’s equity shares post-demerger and amalgamation is 15 January. The company’s BSE filing […]
Japanese electronics firm Toshiba has identified power management chips as an immediate profit driver on the back of surging electric vehicle (EV) demand. The optimistic vision was notified by the company’s Chief Executive Taro Shimada on Friday, as the company was taken private. Toshiba completed its USD 14 billion buyout by private equity firm Japan […]
Coffee chain Third Wave Coffee Roasters has reportedly laid off approximately 120 employees as part of a restructuring initiative, following its recent fundraise. According to media reports, mid- and senior-level personnel across various departments, including business development, design, sales, marketing, supply chain management, and strategy teams, have been affected. The restructuring involves retaining only two […]
Hindustan Unilever (HUL) has unveiled plans to restructure its beauty and personal care business, dividing it into two distinct divisions, to intensify focus on these high-growth segments amidst mounting competition from emerging brands. The consumer goods giant announced this strategic move in an exchange filing on Friday, stating that the split into dedicated ‘beauty and […]
Amazon.com has confirmed significant job cuts within its Alexa voice assistant unit. The multinational tech giant revealed on Friday that it is trimming jobs in this sector, impacting “several hundred” employees. While exact numbers remain undisclosed, the decision is said to align with Amazon’s increased focus on generative artificial intelligence (AI) and the optimisation of […]
Amazon plans to hire an additional 250,000 workers in the United States for the upcoming holiday shopping season. It’s 67 per cent increase compared to the number of hires made in the previous two years. The decision is part of Amazon’s efforts to expand its next-day delivery services for customers. This hiring surge follows Amazon’s […]
Tata-owned Air India incurred losses amounting to around Rs 7,000 crore in FY23 due to impairments related to faulty aircraft and engines, as well as the low-cost airline AirAsia India. However, executives noted that the losses have decreased, and the carrier achieved positive EBITDAR (earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs) […]
Xiaomi India, the Chinese smartphone brand is reducing its workforce to less than 1,000 employees due to a reorganisation, a decline in market share, and increased scrutiny from government agencies, according to current and former employees of the company. At the beginning of 2023, Xiaomi India had employed around 1,400 to 1,500 people, but in […]
