Latest news with #workforcereduction
Reuters
2 days ago
- Business
- Reuters
FuelCell Energy lays off 22% of staff, to cut annual expenses by 30%
June 6 (Reuters) - Renewable power company FuelCell Energy (FCEL.O), opens new tab said on Friday it had laid off 22% of its workforce, as part of a global restructuring plan to reduce its operating expenses by 30% annually. Shares of the company rose 8.5% in premarket trading following the announcement. FuelCell said the new plan follows a global operational restructuring in November, which included a workforce reduction of nearly 13%. High interest rates and policy uncertainties around capital-intensive clean energy projects have forced many renewable energy firms to reevaluate their expansion plans. The company said it has a total of about 426 employees worldwide following the latest reduction in workforce.
CBC
08-05-2025
- Business
- CBC
Fanshawe College cutting 400 jobs as student enrolment drops
The president of Fanshawe College announced that 400 employees will lose their positions as the school struggles with a dramatic drop in full-time domestic and international students. Speaking to employees packed into a lecture theatre at the London main campus on Thursday, with hundreds more watching online, Peter Devlin said the school is projecting a $72-million deficit in the coming two years. "We are working toward a target of a 35 per cent workforce reduction. That's a lot," Devlin said. "That amounts to approximately 400 folks." In April, Fanshawe College said it would be ending 40 programs effective in the fall of 2025, including police studies, applied aerospace manufacturing, construction project management, fine art and retirement residence management. Devlin told employees that 30 per cent fewer Canadian students have enrolled in full-time programs for this coming year. Due to international student permit cuts, there would be 63 per cent fewer international students attending. Fanshawe's international student population has been among the highest in Ontario, with roughly 11,700 permits approved for the college in 2023. That number was recently cut by more than half after the federal government reduced the number of student visas it would give out. International students pay roughly double the tuition cost that domestic students do.
Reuters
07-05-2025
- Business
- Reuters
Dayforce sees lower-than-expected second-quarter revenue on muted spending
May 7 (Reuters) - Human resources software provider Dayforce (DAY.N), opens new tab on Wednesday forecast second-quarter revenue below market estimates, anticipating reduced spending on its payroll and HR services amid macroeconomic uncertainty. Shares of the Minneapolis, Minnesota-based company fell 10% following the results. Job growth in the U.S. was choppy in the first quarter, slowing more than expected in January before picking up pace in February, at a time when the labor market outlook was clouded by the country's trade policy changes. The murky economic backdrop has been particularly hitting small- and medium-sized businesses, forcing them to reassess their budgets. Dayforce expects its total second-quarter revenue to be between $454 million and $460 million, below analysts' average estimate of $465.5 million, according to data compiled by LSEG. It forecast full-year revenue between $1.93 billion and $1.94 billion, in line with estimates of $1.93 billion. The projections come in contrast with those of larger rival ADP (ADP.O), opens new tab, which raised its annual revenue forecast last week on the back of resilient enterprise demand and recent acquisitions. Dayforce, formerly known as Ceridian, provides cloud-based payroll, workforce and human capital management software to enterprise clients globally. The company in February announced a workforce reduction of about 5%, aiming to streamline its operations and achieve annual cost savings of about $65 million. It posted total revenue of $481.8 million for the quarter ended March 31, compared with expectations of $476.7 million. Excluding float, the total quarterly revenue was $426.5 million. Float revenue refers to the earnings or interest a company generates from holding cash or other liquid assets for a period before using them for their intended purpose. The company earned 58 cents per share on an adjusted basis in the first quarter, compared with estimates of 55 cents per share.
