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Several major companies, including Tesla, Under Armour, and Amazon, have announced significant job cuts as part of cost-cutting measures. Tesla is laying off 600 workers in California, while Under Armour plans to eliminate hundreds of jobs as part of a $90 million cost reduction plan. Additionally, Amazon is cutting over 100 middle-level managers, and KPMG and Rockwell Automation are also reportedly reducing their workforce. The job cuts come amid challenges faced by these companies, with Under Armour experiencing a stock slide and providing a 2025 profit warning due to soft demand for its sportswear in the U.S.
4/ The obvious implication is that in the year ended March 2023, the company appears to have capitalized approximately $30M of expenses. More work needed. I've yet to listen to the conference call. I suspect that there will be an explanation in the 10-K. $UAA $XLY
2/ Here's the Cash Flow Statement in last year's 10-K... $UAA $XLY https://t.co/6LmeUO5VLY
"The issue is that I don't think they've done what they need to do from a product development perspective," Wedbush Securities senior equity research analyst Tom Nikic says on $UAA. "They don't really have a lot of new, exciting products to drive consumer demand." https://t.co/GzdHmOX8H9