Exxon To Cut 14,000 Workers and Etsy’s Stock Drops After Announcing Solid Earnings
North America’s biggest oil explorer, Exxon has announced that it will cut 14,000 employees. This translates into a 15% reduction of the company’s global workforce. A statement released by the company on Thursday explained that “These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions”
Exxon shares closed over 4% on Thursday but have greatly suffered over the course of this year. Since the start of 2020, the stock has fallen over 50%.
Etsy, the online marketplace beat Wall Street expectations this week after reporting earnings on Wednesday night. Revenue more than doubled since last year with the company bringing in $451.5 million while this time last year, the company earned only $197.9 million.
Etsy shares have killed it this year with the stock price rising more than 215% this year. Etsy shares fell over 5% following the news.
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