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Lockheed Martin to cut 1% of its jobs in cost-cutting push
Posted on 1/31/24 at 10:11 am
Posted on 1/31/24 at 10:11 am
quote:
Lockheed Martin will cut 1% of its jobs over the course of the year in a bid to cut costs and streamline operations, a company spokesperson said on Friday.
The reductions will impact positions across all of its business and enterprise operations, the spokesperson said in a statement to Reuters, adding that the cost-cutting actions will include hiring freezes and voluntary separations.
The Maryland-based defense contractor employs 122,000 people worldwide, according to its website. The cost reductions will aid the company in transforming its operations digitally.
“We’re driving cost reduction in our direct cost base through supply chain optimization, factory productivity and also on 1LMX-driven efficiencies,” Lockheed Martin CFO Jay Malave said in the company’s post-earnings conference call on Tuesday.
1LMX is Lockheed’s name for its transformation program.
Lockheed on Tuesday forecast its 2024 profit below Wall Street expectations, citing supply chain disruptions in its largest aeronautics segment which makes F-35 jets.
U.S. defense firms are seeing a notable increase in orders amid escalating tensions between China and the Philippines, the ongoing conflict between Russia and Ukraine and in the Middle East. However, pandemic-related disruptions in labor and supply chains are weighing on the sector.
The cuts come as some companies in a variety of industries are implementing layoffs to reduce costs with tech companies topping the list.
CNBC
Didn't expect to see a defense contractor trying to cut cost, especially now.
Posted on 1/31/24 at 10:12 am to frequent flyer
Layoff announcements in 2024 prior to today:
- PayPal cuts 9% of workforce (TODAY!)
- UPS cuts +12,000 roles (TODAY!)
- Microsoft cuts +1,900 roles
- Twitch cuts 35% of workforce
- Unity Software 25%
- Brex 20%
- Discord 17%
- Wayfair 13%
- Riot Games 11%
- Duolingo 10%
- Rent the Runway 10%
- eBay 9%
- Blackrock 3%
- Citigroug cuts 20,000 roles
- Google cuts +1,000
- Amazon cuts several hundred roles
In 2023 layoffs jumped 98% from 2022.
2024 may be worse
- PayPal cuts 9% of workforce (TODAY!)
- UPS cuts +12,000 roles (TODAY!)
- Microsoft cuts +1,900 roles
- Twitch cuts 35% of workforce
- Unity Software 25%
- Brex 20%
- Discord 17%
- Wayfair 13%
- Riot Games 11%
- Duolingo 10%
- Rent the Runway 10%
- eBay 9%
- Blackrock 3%
- Citigroug cuts 20,000 roles
- Google cuts +1,000
- Amazon cuts several hundred roles
In 2023 layoffs jumped 98% from 2022.
2024 may be worse
Posted on 1/31/24 at 10:13 am to stout
Elections have consequences.
Posted on 1/31/24 at 10:15 am to stout
quote:
Layoff announcements in 2024 prior to today:
- PayPal cuts 9% of workforce (TODAY!)
- UPS cuts +12,000 roles (TODAY!)
- Microsoft cuts +1,900 roles
- Twitch cuts 35% of workforce
- Unity Software 25%
- Brex 20%
- Discord 17%
- Wayfair 13%
- Riot Games 11%
- Duolingo 10%
- Rent the Runway 10%
- eBay 9%
- Blackrock 3%
- Citigroug cuts 20,000 roles
- Google cuts +1,000
- Amazon cuts several hundred roles
In 2023 layoffs jumped 98% from 2022.
2024 may be worse
at least we got trump kicked off twitter.
Posted on 1/31/24 at 10:17 am to stout
But Joe says economy is improved. You can make "numbers" work in ways to favor you, but pictures don't lie.
Posted on 1/31/24 at 10:18 am to Boudreaux35
It’s working folks - whispers
Posted on 1/31/24 at 10:18 am to stout
quote:
- PayPal cuts 9% of workforce (TODAY!)
- UPS cuts +12,000 roles (TODAY!)
- Microsoft cuts +1,900 roles
- Twitch cuts 35% of workforce
- Unity Software 25%
- Brex 20%
- Discord 17%
- Wayfair 13%
- Riot Games 11%
- Duolingo 10%
- Rent the Runway 10%
- eBay 9%
- Blackrock 3%
- Citigroug cuts 20,000 roles
- Google cuts +1,000
- Amazon cuts several hundred roles
I never wish ill will on people trying to legally earn a living. But some of those companies were very bloated.
And UPS is replacing their super expensive workers with contract workers. Predictable response to $170,000/yr UPS truck drivers.
Posted on 1/31/24 at 10:20 am to frequent flyer
I would bet a lot of these roles are anywhere between 75-150k positions too.
The economy is over flowing with peon jobs and hemorrhaging real wage jobs.
The economy is over flowing with peon jobs and hemorrhaging real wage jobs.
Posted on 1/31/24 at 10:20 am to frequent flyer
Even if you were let go Alyssa Milano would still like you to fund her kids travel ball trip
Posted on 1/31/24 at 10:22 am to frequent flyer
Reuters: OnlyFans has surged in hiring. Economists speculate that the online giant of adult content will add a record number of thots in 2024.
Posted on 1/31/24 at 10:22 am to 50_Tiger
quote:
The economy is over flowing with peon jobs and hemorrhaging real wage jobs.
That’s been a huge trend the past 3-4 years. The gap between the ownership/management class and the working class is growing.
Posted on 1/31/24 at 10:25 am to frequent flyer
quote:
Lockheed Martin
My ex fiancee works as a PM for Lockheed Martin.
Posted on 1/31/24 at 10:25 am to stout
Since you are tracking video game producer, Bungie had a layoff recently. But it might have been in Dec. This a year after Sony bought them for like 3500000000 (3.5 billion).
Posted on 1/31/24 at 10:27 am to Chad504boy
It looks like a lot of people that already learned how to code.
Posted on 1/31/24 at 10:27 am to frequent flyer
quote:Whoah I would not have guessed that
to $170,000/yr UPS truck drivers.
Posted on 1/31/24 at 10:29 am to 50_Tiger
quote:
The economy is over flowing with peon jobs and hemorrhaging real wage jobs.
8.7 million Americans, a record high, hold multiple jobs to make ends meet
quote:
Today, U.S. labor force participation is at a historically low 62.5%.
As Edward Lawrence reports, the December jobs report shows 683,000 workers dropped out of the labor force. A record high 8.69 million people now hold multiple jobs to make ends meet. The economy lost 1.5 million full-time workers since June of last year, while adding 796,000 part-time workers.
That means more workers are holding down multiple jobs to pay for a higher cost of living due to a cumulative 17.4% inflation rate under this White House.
Keep bringing in illegals and unemployment and lower wages will only get worse for Americans.
Posted on 1/31/24 at 10:39 am to frequent flyer
quote:
This is not the rosy picture we are being sold by MSM and the gubment.
Posted on 1/31/24 at 10:41 am to Jenious
quote:
My ex fiancee works as a PM for Lockheed Martin.
I think I will start referring to my wife as my ex fiancée.
Posted on 1/31/24 at 10:44 am to LNCHBOX
quote:
Building back better
Yea, everything is fine per Joe and the liberal progressive Democrats.
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