It doesn't seem like a day goes past that there isn't news of more companies going into administration or company layoffs.
Disney kicked off what's likely to be a grim earnings season in the media sector by posting on Tuesday a 32% drop in net income for the first quarter. Overall revenue slumped 8% to $9.6 billion, and net income was $845 million.
In the US alone the following job cuts are being made:
Macy's is making 7000 of its workstaff redundant
Panosonic is cutting its staff back making 15,000 people redundant
Kodak is laying off around 4000 people
Starbucks is laying off nearly 7000 people
Target are making 1500 people redundant
Sprint is cutting 8000 jobs from their workforce
Electronic company Phillips are getting rid of 6000 people
Catapillar the manufacturing company are laying off 20,000 people
Home Depot are making 7000 people redundant
Harley Davidson has made 1,100 people redundant
United airlines have axed 2,500 jobs
Intel have got rid of 6,000 employee's
Microsoft are laying off 5,000 employee's
Motorola are axing 4000 employees from their workforce.
Hertz are also axing 4000 employees from their workforce.
Boeing are cutting 4000 jobs
Bank Of America will be cutting 35,000 jobs in the next 3 years
Sony are planning to cut 8,000 jobs
AT&T will be cutting 2,500 jobs
MTV has slashed 850 people from its workforce (it should be renamed RTV anyways - Reality TV)
Washington Mutual slashing 1,600 jobs from their offices/banks
Rolls Royce are axing 2000 jobs
Citigroup plan to shed 40,000 people from their staff
On a positive note:
US fast-food giant McDonald's said Monday its 2008 net profit soared 80 percent from a year, lifted by growing demand from consumers seeking low-cost meals in a deepening global recession.
Net profit for the full year totaled 4.3 billion dollars, compared with 2.3 billion in 2007, the Oak Brook, Illinois-based company said in a statement.
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