Fisker has announced its future plans alongside preliminary 2023 and Q4 earnings, and it's not looking great for the EV manufacturer. The company plans to lay off 15 percent of its workforce — nearly 200 people — as it shifts from a direct-to-consumer to a Dealer Partner model. The company is halting all investments in upcoming models and will resume only if in partnership with another automaker.
After years of speculation, Reddit has officially filed paperwork for an Initial Public Offering on the New York Stock Exchange.
Electric car maker Rivian announced on Wednesday that it’s laying off 10 percent of its salaried workforce to cut costs after facing a quarterly loss.
Amazon has been looking to bolster Twitch's bottom line for a while. After laying off around 500 workers and reducing how much streamers make from Prime subscriptions, the streaming service is increasing the price of its subscriptions for the first time.
Walmart is buying Smart TV manufacturer Vizio for $2.3 billion, the retail giant announced as part of its latest earnings report. While Walmart has long been one of the major sellers of Vizio TVs, the company says the acquisition "enables a profitable advertising business that is rapidly scaling" via the company's SmartCast OS.
In an absolutely bananas turn of events, a typo in an earnings report caused Lyft shares to skyrocket nearly 70 percent after Tuesday’s closing stock market bell, as reported by CBS. There was an extra zero in the report that suggested a five percent margin expansion in 2024, instead of a .5 percent margin. This sent investors into a tizzy, as the company has long struggled to turn a profit.
If you plan on picking up an Apple product in the near future, a new deal at Target is worth a quick PSA.
While Toyota helped lead the hybrid charge with its Prius, the company has been less active in EV production. But that might be in the past, as Toyota has announced another $1.3 billion for its Kentucky facility, with a focus on EVs. In particular, the company is building a new three-row electric SUV that will be available for US customers.
Snap, the parent company of Snapchat, is laying off 10 percent of its workforce, according to an SEC filing and confirmed by a company spokesperson. The company reported a total number of 5,367 employees at the end of 2023’s third quarter, so the layoffs should impact around 540 people.