Continental (OTCMKTS:CTTAY) layoffs are in the news on Monday as the technology company is considering plans to cut thousands of jobs.
According to recent reports, Continental may cut these jobs as part of an effort to save money. The company is preparing for a restructuring that could result in it saving as much as 400 million euros per year.
Continental notes it would start seeing those savings in 2025. That means the restructuring will largely take place in 2024. It could also suffer charges for the thousands of job cuts that it’s planning for.
Investors will want to keep an eye on Continental as the company is likely to reveal further details of its layoffs in the coming months. That might include hard numbers for the total jobs that will be cut as part of the restructuring.
Continental Joins Layoffs Trend
Continental is far from the only tech company that has been announcing layoffs recently. Several major corporations are also cutting jobs to deal with a tough economy.
A few recent examples include layoffs from Snap (NYSE:SNAP), Virgin Galactic (NYSE:SPCE) and Nextdoor (NYSE:KIND). Those are covered with more details at these links.
- Snap Layoffs 2023: What to Know About the Latest SNAP Job Cut
- Virgin Galactic Layoffs 2023: What to Know About the Latest SPCE Job Cuts
- Nextdoor Layoffs 2023: What to Know About the Latest KIND Job Cuts
CTTAY stock is up slightly on Monday morning after the company’s layoff plans were revealed. The stock is also up 7% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
