WeWork’s chairman says it expects to have positive cash flow in 2021

After aggressive cost-cutting measures, including mass layoffs and selling several of its businesses, WeWork’s chairman expects the company to have positive cash flow in 2021. Marcelo Claure, who became WeWork’s chairman after co-founder Adam Neumann resigned as chief executive officer last fall, told the Financial Times that the co-working space startup is on target to…

After aggressive cost-cutting measures, including mass layoffs and selling several of its businesses, WeWork’s chairman expects the company to have positive cash flow in 2021. Marcelo Claure, who became WeWork’s chairman after co-founder Adam Neumann resigned as chief executive officer last fall, told the Financial Times that the co-working space startup is on target to meet its goal, set in February, of reaching operating profitability by the end of next year.
Claure is also chief operating officer of SoftBank Group, which invested $18.5 billion in the co-working space, according to leaked comments made by Claure during an October all-hands meeting.
SoftBank said in April that it would lose $2
Read More From Publisher

Nearly 70,000 Tech Startup Employees Have Lost Their Jobs Since March

Nearly 70,000 Tech Startup Employees Have Lost Their Jobs Since March (wsj.com) Posted by msmash on Friday July 10, 2020 @02:45PM from the closer-look dept. Technology startups have been laying off tens of thousands of workers to cope with the economic fallout of the coronavirus pandemic, potentially blunting a key innovation pipeline for the enterprise…

Nearly 70,000 Tech Startup Employees Have Lost Their Jobs Since March (wsj.com)

Posted
by

msmash

on Friday July 10, 2020 @02:45PM

from the closer-look dept.

Technology startups have been laying off tens of thousands of workers to cope with the economic fallout of the coronavirus pandemic, potentially blunting a key innovation pipeline for the enterprise information-technology market, according to industry analysts. From a report: “Startups are a great source of innovation in the IT industry, but are n
Read More From Publisher

Tech at Work: DE&I at Facebook, Prop 22 and gig worker earnings

Hey, ya’ll. I’m experimenting with a bi-weekly roundup that looks at the state of labor in tech. We’ll use this space to explore topics related to diversity, equity and inclusion, the future of work, issues relating to pay equality, notable personnel changes and much more. This week, we’re looking at Facebook’s civil rights audit, a…

Hey, ya’ll. I’m experimenting with a bi-weekly roundup that looks at the state of labor in tech.
We’ll use this space to explore topics related to diversity, equity and inclusion, the future of work, issues relating to pay equality, notable personnel changes and much more.
This week, we’re looking at Facebook’s civil rights audit, a new gig worker earnings study, the latest on California ballot measure Proposition 22 and layoffs amid COVID-19. 
Stay woke
The artist Celos paints a mural in downtown Los Angeles on May 30, 2020 in protest against the death of George Floyd, an unarmed black man who died while being arrested and pinned to the ground
Read More From Publisher

What do investors bidding up tech shares know that the rest of us don’t?

It’s all about rising TAM The biggest story to come out of the post-March stock market boom has been explosive growth in the value of technology shares. Software companies in particular have seen their fortunes recover; since March lows, public software companies’ valuations have more than doubled, according to one basket of SaaS and cloud…

It’s all about rising TAM

The biggest story to come out of the post-March stock market boom has been explosive growth in the value of technology shares. Software companies in particular have seen their fortunes recover; since March lows, public software companies’ valuations have more than doubled, according to one basket of SaaS and cloud stocks compiled by a Silicon Valley venture capital firm.
Such gains are good news for startups of all sizes. For later-stage upstarts, software share appreciation helps provide a welcoming public market for exits. And, strong public valuations can help guide private dollars into related startups, keeping the capital flowing.
The Exchange explores startups, markets and money. You can read it every morning on Extra Crunch, and now you can receive it in your inbox. Sign up for The Exchange newsletter, which drops every Friday starting July
Read More From Publisher

South African court dismisses appeal against SAA layoff ruling – Reuters Africa

A South African Airways (SAA) plane is towed at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. REUTERS/Rogan Ward/File PhotoJOHANNESBURG (Reuters) – A South African court on Thursday dismissed an appeal by administrators in charge of South African Airways (SAA) against a ruling which prevented them from laying off staff. The failure…

A South African Airways (SAA) plane is towed at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. REUTERS/Rogan Ward/File PhotoJOHANNESBURG (Reuters) – A South African court on Thursday dismissed an appeal by administrators in charge of South African Airways (SAA) against a ruling which prevented them from laying off staff. The failure of the appeal means the administrators may have to start consultations about layoffs from scratch if employees do not accept severance packages they have been offered. South African labour law stipulates a minimum two-month consulta
Read More From Publisher

South African court dismisses appeal against SAA layoff ruling – Reuters

JOHANNESBURG, July 9 (Reuters) – A South African court on Thursday dismissed an appeal by administrators in charge of South African Airways (SAA) against a ruling which prevented them from laying off staff. The failure of the appeal means the administrators may have to start consultations about layoffs from scratch if employees do not accept…

JOHANNESBURG, July 9 (Reuters) – A South African court on Thursday dismissed an appeal by administrators in charge of South African Airways (SAA) against a ruling which prevented them from laying off staff. The failure of the appeal means the administrators may have to start consultations about layoffs from scratch if employees do not accept severance packages they have been offered. South African labour law stipulates a minimum two-month consultation period for layoffs. The Labour Appeals Court upheld a May ruling that consultations on layoffs
Read More From Publisher

Czech firms expect slump in orders to continue but no mass layoffs for now -survey – Reuters

PRAGUE (Reuters) – A third of Czech companies expect orders to drop by 20-40% over the next two months as they continue to feel the impact of the coronavirus pandemic, although they are not yet planning massive layoffs, an Industry Confederation survey showed on Thursday. More than half of 135 companies across sectors that were…

PRAGUE (Reuters) – A third of Czech companies expect orders to drop by 20-40% over the next two months as they continue to feel the impact of the coronavirus pandemic, although they are not yet planning massive layoffs, an Industry Confederation survey showed on Thursday. More than half of 135 companies across sectors that were surveyed said they had seen orders drop by more than 20% since the pandemic hit the economy. A lockdown to contain the virus, introduced in mid-March has eased since May. However, the latest survey, taken at the end of June, paints a gloomier outlook than a similar survey in April, when only a fifth of companies said they expected orders to
Read More From Publisher

Thai tech hiring startup GetLinks gets revenue boost from pandemic layoffs – Reuters.com

BANGKOK, July 9 (Reuters) – Alibaba-backed tech hiring platform GetLinks is seeing a boost in revenue after a series of layoffs at technology-related companies like Grab and Agoda enabled other firms expanding digital and online operations to snap up workers. GetLinks saw its revenue double in the first half of 2020 from the corresponding period…

BANGKOK, July 9 (Reuters) – Alibaba-backed tech hiring platform GetLinks is seeing a boost in revenue after a series of layoffs at technology-related companies like Grab and Agoda enabled other firms expanding digital and online operations to snap up workers. GetLinks saw its revenue double in the first half of 2020 from the corresponding period a year earlier, chief strategy officer and co-founder Djoann Fal told Reuters. Companies ramped up recruiting to enhance digital services and e-commerce capabilities, reflecting how the coronavirus is accelerating digital trends like online shopping and remote work. GetLinks has placed workers at Uniqlo, L’Oreal and top retailer Central Group this year, he said, and that full stac
Read More From Publisher

Thai tech hiring startup GetLinks gets revenue boost from pandemic layoffs – Reuters UK

BANGKOK, July 9 (Reuters) – Alibaba-backed tech hiring platform GetLinks is seeing a boost in revenue after a series of layoffs at technology-related companies like Grab and Agoda enabled other firms expanding digital and online operations to snap up workers. GetLinks saw its revenue double in the first half of 2020 from the corresponding period…

BANGKOK, July 9 (Reuters) – Alibaba-backed tech hiring platform GetLinks is seeing a boost in revenue after a series of layoffs at technology-related companies like Grab and Agoda enabled other firms expanding digital and online operations to snap up workers. GetLinks saw its revenue double in the first half of 2020 from the corresponding period a year earlier, chief strategy officer and co-founder Djoann Fal told Reuters. Companies ramped up recruiting to enhance digital services and e-commerce capabilities, reflecting how the coronavirus is accelerating digital trends like online shopping and remote work. GetLinks has placed workers at Uniqlo, L’Oreal and top retailer Central Group this year, he said, and that full stac
Read More From Publisher