Technology 

Online student lender CommonBond lays off 18 percent of staff

NEW YORK (Reuters) – Online student lender CommonBond has laid off around 18 percent of its staff, a company spokeswoman said, citing a plan to shift investment into new areas. The start-up’s layoffs follow challenging years for the online lending industry, which has seen widespread job cuts, plummeting shares and a stricter focus on credit quality. CommonBond’s job cuts, which impacted 22 people in total, were announced to employees in a “all hands” company meeting on Tuesday afternoon, the spokeswoman told Reuters in an email. The layoffs have not been…

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Technology 

Snap CFO Tim Stone to resign, shares drop 8 percent

The Snapchat messaging application is seen on a phone screen August 3, 2017. REUTERS/Thomas White (Reuters) – Chief Financial Officer Tim Stone will be leaving Snap Inc (SNAP.N) less than a year after taking the job, the company said on Tuesday, the latest in a string of executive departures from Snap over the past year. Shares of Snap dropped 8 percent to $6.02 in after market trading. Stone’s departure is not related to any disagreements with the company, which owns popular photo messaging app Snapchat, Snap said in a filing…

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Technology 

SpaceX to lay off 10 percent of workforce

(Reuters) – Elon Musk’s rocket company SpaceX will reduce its workforce by about 10 percent of the company’s more than 6,000 employees, it said on Friday. FILE PHOTO: The SpaceX headquarters is shown in Hawthorne, California, U.S. September 19, 2018. REUTERS/Mike Blake The company said it will “part ways” with some of its manpower, citing “extraordinarily difficult challenges ahead.” “To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company. Either of these developments, even when attempted…

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Technology 

SpaceX to layoff 10 percent of workforce

(Reuters) – Elon Musk’s rocket company SpaceX will reduce its workforce by about 10 percent of the company’s more than 6,000 employees, it said on Friday. FILE PHOTO: The SpaceX headquarters is shown in Hawthorne, California, U.S. September 19, 2018. REUTERS/Mike Blake The company said it will “part ways” with some of its manpower, citing “extraordinarily difficult challenges ahead.” “To continue delivering for our customers and to succeed in developing interplanetary spacecraft and a global space-based Internet, SpaceX must become a leaner company. Either of these developments, even when attempted…

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Technology 

SpaceX to lay off about 10 percent of its workforce: source

FILE PHOTO: The SpaceX headquarters is shown in Hawthorne, California, U.S. September 19, 2018. REUTERS/Mike Blake (Reuters) – Elon Musk’s SpaceX will lay off about 10 percent of its more than 6,000 employees, a source familiar with the matter said on Friday. The company did not comment on the number of layoffs but said in emailed comments that it needs to become a “leaner” organization for which it would “part ways” with some of its workforce. “To continue delivering for our customers and to succeed in developing interplanetary spacecraft and…

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Technology 

Apple cuts current-quarter production plan for new iPhones by 10 percent: Nikkei

(Reuters) – Apple Inc (AAPL.O), which slashed its quarterly sales forecast last week, has reduced planned production for its three new iPhone models by about 10 percent for the January-March quarter, the Nikkei Asian Review reported on Wednesday. FILE PHOTO: People look at iPhones at the World Trade Center Apple Store during a Black Friday sales event in Manhattan, New York City, U.S., Nov. 23, 2018. REUTERS/Andrew Kelly/File Photo That rare forecast cut exposed weakening iPhone demand in China, the world’s biggest smartphone market, where a slowing economy has also…

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Technology 

Apple cuts first-quarter production plan for new iPhones by 10 percent: Nikkei

FILE PHOTO: People look at iPhones at the World Trade Center Apple Store during a Black Friday sales event in Manhattan, New York City, U.S., Nov. 23, 2018. REUTERS/Andrew Kelly/File Photo (Reuters) – Apple Inc (AAPL.O) is cutting planned production for its three new iPhone models by about 10 percent for the March quarter, the Nikkei Asian Review reported on Wednesday, a week after the company slashed its quarterly sales forecast. That rare step exposed weakening demand in China for Apple’s iPhones amid a slowing economy, which has also been…

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LG Electronics sees 80 percent drop in fourth-quarter profit; analysts point to thinning TV margins

SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations. The world’s second-biggest television set maker behind compatriot Samsung Electronics Co Ltd (005930.KS) estimated profit of 75.3 billion won ($67.03 million) for October-December last year. That would compare with the 387 billion won average of 11 analyst estimates in an I/B/E/S Refinitiv poll. Revenue likely fell 7 percent to 15.8 trillion won, LG said in a regulatory filing,…

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LG Elec sees 80 percent drop in fourth-quarter profit; analysts point to thinning TV margins

Jim Tran, senior vice president and general manager go handset products for Qualcomm, speaks on the 5G collaboration between Qualcomm and LG during an LG Electronics news conference at the 2019 CES in Las Vegas, Nevada, U.S. January 7, 2019. REUTERS/Steve Marcus SEOUL (Reuters) – South Korea’s LG Electronics Inc (066570.KS) said on Tuesday its fourth-quarter operating profit likely plummeted 80 percent from the same period a year earlier, falling well below analyst expectations. The world’s second-biggest television set maker behind compatriot Samsung Electronics Co Ltd (005930.KS) estimated profit of…

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Samsung Electronics says fourth-quarter profit likely fell 29 percent; China demand weak

SEOUL (Reuters) – South Korea’s Samsung Electronics Co Ltd (005930.KS) on Tuesday estimated a decline in quarterly operating profit for the first time in two years, as a slowing Chinese economy erodes demand for its chips and handsets. The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji Weaker earnings at the world’s biggest maker of smartphones and semiconductors adds to worries for investors already on edge after Apple Inc (AAPL.O) last week lowered its quarterly sales forecast, in a…

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