Friday, October 24, 2025
spot_img

Nike plans to sack hundreds of employees to cut costs

spot_img
- Advertisement -

An American athletic footwear and apparel corporation, Nike is planning to sack hundreds of employees to cut costs.

Due to Nike’s poor sales over the last year the company has been cutting costs across the different departments. The company is planning to increase the automation of certain services to save $2 billion in costs.

This is the second largest layoff in Nike after the company fired 700 employees in 2020. The company laid off the employees due to Covid pandemic during to global lockdown.

Nike surpassed expectations in its second-quarter earnings with a significant 21% jump in profit to $1.03 per share, slightly outperforming revenue expectations at $13.4 billion. This indicates a resilient performance despite market challenges.

CEO John Donahoe emphasized investment in areas of potential, innovation, and agility. CFO Matthew Friend highlighted a focus on gross margin and cost management, preparing for a softer revenue outlook in the second half of the fiscal year.

Layoffs at Paytm

Paytm will sack over 1000 employees amid cost-cutting measures. The layoffs are currently impacting over 10 percent of the company’s entire workforce. The company reportedly wants to save 10-15% of staff costs over the current fiscal year.

“We are transforming our operations with AI-powered automation, eliminating repetitive tasks and roles to drive efficiency across growth and costs, resulting in a slight reduction in our workforce within operations and marketing”, the spokesperson said.

The reports also suggest that the majority of the layoffs are likely to impact employees from the lending business. Post this layoff Paytm has become one of the biggest layoffs in a new-age tech firm in the country.

Not only this there are various new economies or companies referred to as startups in India that have laid off over 28,000 employees in the first three quarters of 2023.

Note: We are also on WhatsApp and YouTube, to get the latest news updates, Join our Channels. WhatsApp– Click here and to subscribe to YouTube – Click Here for LinkedIn– Click Here.

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Impactsure Technologies appoints Vinu Pillai as Head- HR

IT services company Impactsure Technologies Private Limited has announced the...

Lufthansa Group plans to hire around 13,000 people in 2024; Apply

An aviation group with operations worldwide, Lufthansa Group has...

OpenAI CEO Sam Altman has hinted at the upcoming GPT-5

An artificial intelligence research organization, OpenAI CEO Sam Altman...

LTIMindtree announces Chetana Patnaik as Chief HR Officer

A global technology consulting and digital solutions company, LTIMindtree...

Vishal Garg CEO of Better.com who fired 900 on Zoom call takes time off

Vishal Garg, the Indian-origin CEO of US-based homeownership firm...

Hindustan Zinc Invests in Young Talent

Hindustan Zinc, India’s largest integrated zinc producer and one...

HCLTech Invites Class 12 Graduates to Join Its TechBee Training Program

HCLTech, a leading global technology company, has announced its...

Labour Court resumes hearing of TCS employee sexual harassment case

According to India Today Report, An appeal against Tata Consultancy Services...

Related Articles

Sheenu Pradhan
Sheenu Pradhanhttps://sightsinplus.com/
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.