GM reports $4.4 billion quarterly profit last month….. lays off 1000 employees yesterday

[Standing on business]

GM lays off more than 1,000 salaried software and services employees​

Published Mon, Aug 19 2024 8:46 AM EDTUpdated Mon, Aug 19 2024 11:28 AM EDT

DETROIT — General Motors is laying off more than 1,000 salaried employees globally in its software and services division following a review to streamline the unit's operations, CNBC has learned.

The layoffs, including roughly 600 jobs at GM's tech campus near Detroit, come less than six months after leadership changes overseeing the operations, including former Apple executive Mike Abbott leaving the automaker after less than a year in March due to health reasons.

 

[Kasgoinjail]

Math wasn't mathing

 

[Dallas' 4 Eva]

All that bloat in the tech industry is getting corrected.

 

[Hawaiian Punch]

follow up story:

GM reports $4.401 billion quarterly profit​

 

[Germms]

They’re getting ready for their tax cuts to go away

 

[MikelArteta]

STEM STEM STEM

 

[ItsPeople]

Next quarter’s profits locked in

 

[Hater Eraser]

Next Summer EV

 

[King Poetic]

Just last November


General Motors, fresh off bruising wage negotiations with its labor union and eager to goose its stock price, announced billions of dollars’ worth of cash returns to shareholders.
On Wednesday, GM said it would issue a $10 billion share buyback and 33% dividend increase — a salve for investors who were rattled by the scope and length of the United Auto Workers strike this fall.
GM’s stock jumped nearly 10% on the news.
The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. GM President Mark Reuss called the union’s contract demands “untenable” and said they would leave the company unable to make the investments it needed to compete with nonunion automakers.

 

[Seoul Gleou]

And yet we want to reward these losers with subsidies and tarrifs on competition

 

[Ol’Otis]

The economy is good they said

 

[beenz]

Just last November


General Motors, fresh off bruising wage negotiations with its labor union and eager to goose its stock price, announced billions of dollars’ worth of cash returns to shareholders.
On Wednesday, GM said it would issue a $10 billion share buyback and 33% dividend increase — a salve for investors who were rattled by the scope and length of the United Auto Workers strike this fall.
GM’s stock jumped nearly 10% on the news.
The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. GM President Mark Reuss called the union’s contract demands “untenable” and said they would leave the company unable to make the investments it needed to compete with nonunion automakers.

taking those profits and buying back their own stock.

all this does is benefit shareholders and ESPECIALLY executives who's compensation largely consist of stock.

 

[Bubba T]

“We made profit, but not enough profit, so we gotta cut costs. That cost is you.”

 

[bnew]

The economy is good they said

companies are reporting record profits, they weren't gonna say anything else.

 

[Voice of Reason]

Just last November


General Motors, fresh off bruising wage negotiations with its labor union and eager to goose its stock price, announced billions of dollars’ worth of cash returns to shareholders.
On Wednesday, GM said it would issue a $10 billion share buyback and 33% dividend increase — a salve for investors who were rattled by the scope and length of the United Auto Workers strike this fall.
GM’s stock jumped nearly 10% on the news.
The announcement comes just weeks after GM executives argued the company couldn’t afford to give the union the wage and benefit gains it wanted. GM President Mark Reuss called the union’s contract demands “untenable” and said they would leave the company unable to make the investments it needed to compete with nonunion automakers.

These corporations