COMPANY NEWS IN BRIEF
Dell to cut 5% of its global workforce
American computer firm Dell said Monday that it will lay off some five percent of its global workforce, or around 6 650 employees, the latest casualties of a job-slashing wave hitting the US tech sector.
The cuts follow similar steps by tech giants Microsoft, Facebook owner Meta, Google-parent Alphabet, Amazon and Twitter as the industry girds for economic downturn.
They also come after a major hiring spree at the height of the coronavirus pandemic when companies scrambled to meet demand as people went online for work, school and entertainment.
But "market conditions continue to erode with an uncertain future," said Dell Technologies vice chairman Jeff Clarke in a memo released Monday.
"The steps we've taken to stay ahead of downturn impacts - which enabled several strong quarters in a row - are no longer enough," he added.
Dell, based at Round Rock in Texas, had 133 000 employees at the start of last year with nearly a third of them in the United States.
On Monday, Clarke said the company now has to make "additional decisions to prepare for the road ahead."-Fin24
Sasol slumps
Shares of chemicals and energy group Sasol slumped on Tuesday, after it reported muted profit growth for its half-year to end December, when the beneficial effects of higher oil prices and a weaker rand were offset by operational challenges.
Core headline earnings per share, the group's preferred measure which excludes non-recurring items, is expected to rise in a range of between 2% and 12% to end-December, it said in an operating update. Adjusted earnings before interest, taxation, depreciation, amortisation (Ebitda) is expected to be in line with the prior half-year's R31.8 billion.
In morning trade Sasol's shares had fallen 7.95% to R280.81, though they are still up 4% so far in 2023.
A higher oil price, refining margins and a weaker rand benefited the group, but this was offset by the impacts of weaker global economic growth, depressed chemicals prices and higher feedstock and energy costs.
"Our South African operations also experienced several operational challenges, most notably in the mining business, where coal productivity and quality have been below plan," it said.-Fin24
American computer firm Dell said Monday that it will lay off some five percent of its global workforce, or around 6 650 employees, the latest casualties of a job-slashing wave hitting the US tech sector.
The cuts follow similar steps by tech giants Microsoft, Facebook owner Meta, Google-parent Alphabet, Amazon and Twitter as the industry girds for economic downturn.
They also come after a major hiring spree at the height of the coronavirus pandemic when companies scrambled to meet demand as people went online for work, school and entertainment.
But "market conditions continue to erode with an uncertain future," said Dell Technologies vice chairman Jeff Clarke in a memo released Monday.
"The steps we've taken to stay ahead of downturn impacts - which enabled several strong quarters in a row - are no longer enough," he added.
Dell, based at Round Rock in Texas, had 133 000 employees at the start of last year with nearly a third of them in the United States.
On Monday, Clarke said the company now has to make "additional decisions to prepare for the road ahead."-Fin24
Sasol slumps
Shares of chemicals and energy group Sasol slumped on Tuesday, after it reported muted profit growth for its half-year to end December, when the beneficial effects of higher oil prices and a weaker rand were offset by operational challenges.
Core headline earnings per share, the group's preferred measure which excludes non-recurring items, is expected to rise in a range of between 2% and 12% to end-December, it said in an operating update. Adjusted earnings before interest, taxation, depreciation, amortisation (Ebitda) is expected to be in line with the prior half-year's R31.8 billion.
In morning trade Sasol's shares had fallen 7.95% to R280.81, though they are still up 4% so far in 2023.
A higher oil price, refining margins and a weaker rand benefited the group, but this was offset by the impacts of weaker global economic growth, depressed chemicals prices and higher feedstock and energy costs.
"Our South African operations also experienced several operational challenges, most notably in the mining business, where coal productivity and quality have been below plan," it said.-Fin24
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