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Bloomberg Intelligence
Bloomberg Intelligence: Disney Earnings, Tesla Layoff Fears
Feb 9, 2024
Geetha Ranganathan recaps Disney earnings, Alison Williams discusses UBS earnings, Steve Man talks about Tesla layoff fears, Christopher Ciolino discusses Caterpillar earnings, Deborah Aitken discusses Estee Lauder workforce cuts, and Michael Halen talks about how the Mideast war is affecting McDonald's sales.
38:01
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Quick takeaways
- Estee Lauder is implementing a restructuring plan to improve profitability by cutting jobs and reducing costs.
- McDonald's experienced weaker sales growth due to the impact of the Israel-Hamas War in the Middle East market and consumer weakness in the United States.
Deep dives
Estee Lauder's Restructuring Plan
Estee Lauder is undertaking a restructuring plan to make the company more profitable. The plan includes cutting as many as 3,000 job positions and raising $500-700 million in cost savings. The company aims to bring in $1.4 billion through 2025 and 2026, primarily in operating profitability. The restructuring plan is a response to plummeting sales in Asia, which have negatively impacted Estee Lauder's revenue and profits.
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