Business Editor Ross Greenwood says the tech company ‘Xero’ has announced that it will lay off 500 workers as a part of a “cost cutting plan”.
“An acquisition it made just two years ago for more than $80 million is now going to be scrapped as well,” Mr Greenwood said.
“It just shows the difficulties that many of these tech companies are having right now to justify the amount of staff that they’ve taken on to try and grow these businesses if they’re not producing the profits.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Xero CEO wields axe, cuts up to 800 staffCloud accounting software company Xero has joined the rapidly expanding list of multibillion dollar tech companies to cut staff to improve profitability.
Read more »
Atlassian to axe 500 jobs ‘with the heaviest of hearts’‘To those who are leaving us: we are deeply sorry’, wrote Mike Cannon-Brookes and Scott Farquhar in staff memo
Read more »
‘Stark difference’: Greenwood on RBA Governor’s current language on rate risesSky News Business Editor Ross Greenwood says the language of the Reserve Bank Governor Philip Lowe has had a “wholesale change” from a month prior. “The language of the Reserve Bank governor – wholesale change, and so rather than actually pointing there needed to be further interest rate rises, it was there may be further tightening of monetary policies ahead,” Mr Greenwood told Sky News host Peta Credlin. “Quite a stark difference from what was being said just a month ago when the Reserve Bank at that time was really quite determined it wanted to defeat inflation.”
Read more »
ASX LIVE: ASX to rise, US stocks slip, bitcoin dips below $US22,000Australian shares are poised to open higher. S&P 500 edges higher, Silvergate plummets. Powell walks back some of his rate rhetoric. Xero to slash up to 800 jobs. Myer decalres super-sized dividend. $A hovers below US66¢. China price data ahead. Follow updates here.
Read more »
Myer comes out of the pandemic in ‘much better shape’Retailer Myer has come of the pandemic in much “better shape” after the store recorded its highest first-half profit in seven years, says Sky News Business Editor Ross Greenwood.
Read more »
JPMorgan spells out ‘Volmageddon’ risk on zero-day option crazeIn a new study, a 5 per cent drop in the S&P 500 is seen snowballing another 20 per cent in the worst-case scenario.
Read more »