Technology

59490 readers

2898 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

402

Tesla profits nosedive as more job cuts announced (www.bbc.com)

submitted 7 months ago by AmbiguousProps@lemmy.today to c/technology@lemmy.world

81 comments fedilink hide all child comments

Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla's total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

you are viewing a single comment's thread
view the rest of the comments

[–] casmael@lemm.ee 9 points 7 months ago (2 children)

Dead cat bounce?

[–] athairmor@lemmy.world 5 points 7 months ago

When a stock drops by a lot there’s usually a low point at which some investors will start buying it again because it got so cheap. This drives the price higher but only temporarily. This is called the “dead cat bounce.”

[–] Granite@kbin.social 0 points 7 months ago (1 children)

There’s a pandemic term I haven’t seen in the wild for a hot minute.

[–] Crashumbc@lemmy.world 6 points 7 months ago (1 children)

"Dead cat bounce" has been a term in stocks for 30+years...

[–] Granite@kbin.social 2 points 7 months ago

TIL thanks