SunPower (NASDAQ:SPWR) layoffs have the have the solar technology and energy services company cutting 1,000 jobs to reduce operating costs.
SunPower notes that these layoffs will result in charges of about $28 million. The cuts are expected to start in the next few days and could last for a few weeks. It’s worth mentioning that these are a large number of cuts considering the company’s total headcount was 3,800 full-time employees prior to the reductions.
Alongside these job cuts is SunPower announcing that it will close down certain divisions. The layoffs will see the company shutter its SunPower Residential Installation facilities and its SunPower Direct sales unit.
SunPower points out that these job cuts come as demand for solar panels is dwindling. It says it will switch to a low fixed-cost model to give it better resilience against market fluctuations, Reuters notes.
SunPower Layoffs Continue Trend
SunPower joins a growing list of companies that have been cutting jobs ever since the end of the Covid-19 lockdowns. That has resulted in many businesses reducing headcounts as they’ve seen demand decrease post-pandemic.
All of that comes after inflation took off after the lockdowns. That’s also resulted in increased interest rates from the Federal Reserve to combat inflation. These two factors continue to weigh on the economy, consumers and businesses.
SPWR stock is down 2.3% as of Wednesday morning.
There are still more stock market stories that traders will want to read about today!
Fortunately, we have all of that news collected in one place for investors! Our coverage of the stock market on Wednesday includes what’s going on with Fisker (OTCMKTS:FSRN), Vertiv (NYSE:VRT) and Lucid Motors (NASDAQ:LCID) shares. All of that info is available below!
More Stock Market News for Wednesday
- Fisker Stock Alert: Fisker Braces for More Layoffs
- VRT Stock Pops. Vertiv Is the Next Big AI Winner.
- LCID Stock Alert: Why Lucid Motors Just Hit a New 52-Week Low
On the date of publication, William White did not hold (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.
