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October 15th - A new Fox News poll shows that as the US election day approaches, voters hold negative views of the economy and the presidents performance, often putting the incumbent party at a disadvantage. Sixty percent of voters said the cost of living is their biggest economic concern, far exceeding government spending (15%), employment and income inequality (7% each), tariffs (6%), and taxes (5%). The vast majority of voters have a negative view of the economy (74%) and expect it to worsen next year (53%); meanwhile, two-thirds are dissatisfied with the countrys current state of affairs (66%). Only 18% of voters said their familys situation has improved compared to two years ago. In contrast, a majority of independent voters believe their situation has worsened (52%) and expect the economy to deteriorate further (70%). Trumps support on inflation is the lowest at only 22%, a new low. Additionally, 60% of voters oppose US military action against Iran, and 60% hold a negative view of artificial intelligence technology.On October 15th, according to the Financial Times, Anthropic informed investors that its third-quarter revenue jumped to $16.8 billion and it achieved profitability during the quarter. This comes as the market remains skeptical of the AI industry boom, as the AI company seeks to garner support for its major IPO plans. Anthropic told investors that, on an adjusted basis, the company is profitable, with quarterly revenue increasing by nearly 50% from $11.5 billion in the second quarter. Chips and data centers are necessities for training and running models in AI labs and represent the companys largest expenses. Anthropic added that it achieved positive cash flow during the quarter. The IPO of this Claude model developer is widely expected to be the highest-valued IPO in history.Egyptian President Abdel Fattah al-Sisi: As long as our borders are peaceful and secure, we will maintain a peace treaty with Israel, and we have no ambitions toward them or their territory.Federal Reserves Daly: Its encouraging that market sentiment has calmed down after the initial strong reaction to the CPI data.Federal Reserves Daly: CPI data shows that gasoline prices are pushing up overall inflation, while core inflation remains stubborn, in line with expectations.

DoorDash Eliminates 1,250 Positions to Curb Escalating Costs

Dec 01, 2022 11:05

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DoorDash Inc. announced on Wednesday that it will eliminate around 1,250 positions, or 6% of its total workforce, as a cost-cutting measure in response to declining demand.


DoorDash ramped up hiring to accommodate the surge of orders from those confined to their homes during the height of the pandemic, but a sudden fall in demand from inflation-conscious customers has caused the company's expenses to skyrocket.


"We should have been more vigilant in monitoring the expansion of our employees... It is my fault. As a result, operating expenses skyrocketed" CEO Tony Xu noted in a note to colleagues that was posted on the company's website.


If nothing was done, our operating expenses would continue to exceed our revenue, given how quickly we employed.


In morning trade, the shares of the corporation, which has declined by over 64 percent this year, was up approximately 5 percent.


DoorDash employs around 20,000 individuals and has delivery partnerships with Walgreens Boots Alliance (NASDAQ:WBA) and Shake Shack (NYSE:SHAK).


Given the prospect of a faster-than-expected decrease in consumer spending, a stronger focus on its cost structure is a positive sign, according to Angelo Zino, an analyst at CFRA Research.


In the first week of this month, DoorDash reported a quarterly financial loss of $295 million, which raised concerns about the future viability of delivery companies as economies recover.


The British meal delivery firm Deliveroo said at the end of October that its revenue growth would fall short of projections.


In recent weeks, DoorDash has joined Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Twitter Inc (NYSE:TWTR) in laying off hundreds of employees in preparation for a potential economic downturn.


Xu noted that reducing non-headcount operating expenses "would not close the gap" while stressing that DoorDash has been more resilient than other e-commerce enterprises.

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