Exxon To Cut 14,000 Workers and Etsy’s Stock Drops After Announcing Solid Earnings 🛢

by 30 Oct, 2020

Exxon To Cut 14,000 Workers and Etsy’s Stock Drops After Announcing Solid Earnings

Exxon

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

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.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

 

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