Walmart, Oracle, Robinhood lead job cuts this week

Despite a much more robust than expected july jobs reportLayoffs are coming at a fast pace in early August, with a slew of companies making cuts last week.

Oracle technology giant It reportedly led the pack by cutting workers in its US customer experience division on Monday, with more rounds of layoffs expected in several other divisions as the software company struggles with economic troubles.

Oracle Headquarters

Oracle Corp. has reportedly started cutting jobs in recent weeks. (Michael Short/Bloomberg via Getty Images/Getty Images)

Heart Security Latest Change Change %
ORCL ORACLE CORPORATION. 77.35 -0.05 -0.06%

Earlier reports last month said jobs at Oracle’s divisions in India, Canada and Europe would be cut, with thousands of workers facing layoffs.

According to The Wall Street Journal, hundreds of Oracle employees have already been laid off.

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The week also began with a report that the insurer GEICO closed all 38 of its offices. in California, laying off the hundreds of phone agents he had in the state. The company did not provide its reasoning behind the decision, but reiterated that Californians can still obtain GEICO policies in the state by purchasing them online.

Robinhood then announced Tuesday that the brokerage firm would cut its workforce by 23% as part of a reorganization after reporting a 44% drop in second-quarter revenue.

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HOOD ROBINHOOD MARKETS INC. 10.40 -0.48 -4.41%

Retail titan Walmart confirmed on Wednesday that it is, too. lay off company workers as part of a restructuring process, taking the move after lowering its earnings outlook for the second quarter and full year as inflation takes its toll.

walmart

Walmart plans to lay off hundreds of corporate employees in a restructuring effort after the retailer lowered its earnings outlook for the second quarter and the rest of the year. (Justin Sullivan/Getty Images/Getty Images)

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WMT WALMART INC. 126.61 +0.97 +0.77%

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On the same day, plant-based food company Beyond Meat said that cut out your template by around 4% amid declining demand for its products in the US.

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PORND BEYOND THE MEAT INC. 38.26 +6.87 +21.89%

CNET reported earlier this week that Verizon has also cut staff, following rival wireless carrier T-Mobile in making cuts.

Verizon

Verizon Wireless reportedly followed rival T-Mobile in cutting staff in recent weeks. (Photo illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)

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VZ VERIZON COMMUNICATIONS INC. 44.95 +0.52 +1.17%
TMUS T-MOBILE USA INC. 144.56 +0.77 +0.54%

But with many companies keeping quiet about the number of jobs cut, it’s impossible to know whether the layoff reports will represent a trend that could have a noticeable impact on the broader economy until August’s jobs report is released.

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The latest monthly report from the Labor Department showed 528,000 jobs were added to US payrolls in July, dwarfing Refinitiv economists’ forecast of 250,000. However, the momentum in job growth is expected to cool in the coming months as companies cut back to mitigate slowing demand amid skyrocketing inflation.

Bradford Betz, Phillip Nieto, Megan Henney and Reuters of FOX Business contributed to this report.

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