Twitter to cut workforce by eight percent in restructuring
Twitter will lay off up to 336 employees, about 8 percent of its staff, as part of a restructuring aimed at speeding innovation and focusing on top product priorities for clearer growth. CEO Jack Dorsey said engineering will shrink to speed progress while the company streamlines other areas.
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GE to Sell $30 Billion in Firms to Wells Fargo
General Electric agreed to sell $30 billion in GE Capital commercial lending and leasing units to Wells Fargo as part of a broader restructuring plan announced in April to shed about $200 billion in assets and refocus on manufacturing.
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Intel ups forecast as cloud demand lifts shares
Intel, the world’s largest chip maker, forecast fourth quarter revenue of 14.8 billion dollars with a 500 million dollar margin. Shares rose as much as 3.2 percent in extended trading after the update. Condé Nast buys Pitchfork Music site to boost its magazine portfolio and expand music coverage. Financial terms not disclosed. GM CEO Mary Barra in USA TODAY interview discusses mobility trends, competition, and her stance on Fiat Chrysler merger.
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GM Talks Scandals and Self-Driving Plans
GM chief Mary Barra discusses scandal impact and safety efforts while outlining a path to future leadership. She notes disciplined execution, focus on culture change, and ongoing development in propulsion, autonomy, and cyber security with mention of Super Cruise on Cadillacs and behind the scenes work across autonomous tech.
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Nine S&P 500 Firms Signal Profit Growth Amid Recession Risks
Nine S&P 500 members led by Legg Mason First Solar and Ford Motor are forecast to post at least 70 percent higher adjusted third quarter profits, bucking a broad profit recession as revenue growth offsets weak years. Analysts warn optimism may be overstated amid global weakness and market volatility.
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