CVNA - Carvana Layoffs 2023: What to Know About the Latest CVNA Job Cuts
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Carvana (NYSE:CVNA) layoffs are a hot topic among traders of the company’s stock as it has been secretly cutting jobs.
According to a recent report, Carvana is letting employees go and not filling open positions as a way to reduce its headcount. To go along with this, some employees have also seen their hours cut to reduce costs.
While these job cuts aren’t happening all at once, they are a continuation of Carvana layoffs from last year. In 2022 the used-car retailer cut some 4,000 jobs. This saw it joining several other companies downsizing their workforce, The Wall Street Journal notes.
What’s Behind the Carvana Layoffs?
The job cuts at Carvana come alongside economic strain for many companies. That’s due to inflation increasing costs in the U.S., as well as The Federal Reserve increasing interest rates to try and combat it. All of this is putting extra pressure on both companies and consumers, which means less spending.
Investors will also note that the last year hasn’t been good for CVNA stock. During that period of time, the company saw the price of its stock drop 95.7%. To go along with that, the company’s cash has been dwindling with fears it won’t be able to repay its debts.
CVNA stock is down 13.6% as of Friday morning.
Investors seeking out more recent stock market news are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! That includes the biggest pre-market stock movers this morning, as well as the latest details on MultiMetaVerse (NASDAQ:MMV) and Lordstown Motors (NASDAQ:RIDE). You can read all that news at the links below!
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- Is Former CEO Steve Burns Giving Up on Lordstown Motors (RIDE) Stock?
On the date of publication, William White did not have (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.
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