Jardine joined Coda Octopus Group as its European director of finance in 2015. The company’s CFO, Nathan Parker, has departed from his role, effective May 3. (Nasdaq: CODA), a real-time 3D/4D/5D and 6D imaging sonar technology company, effective May 4. Gayle Jardine was named interim CFO at Coda Octopus Group, Inc. Before Poshmark, Agrawal served as global head of pricing at Uber Technologies, and before that, he was the head of business strategy at Capital One. He was also pivotal in improving Poshmark's gross margins, unit economics, and profitability. Agrawal helped grow annual revenues and take the company public. Most recently, he served as interim CFO at Poshmark. Kapil Agrawal was named CFO at Outschool, an education platform that offers a variety of small-group classes online. Agrawal brings experience in finance and international expansion. "The turmoil in the banking sector heightened economic concerns and slowed momentum for a deal recovery, and this will only add to the headwinds going forward," Joe Mantone, lead author of the report and editorial lead at S&P Global Market Intelligence, said in a statement. And it was 61.7% lower than in the first quarter of 2021 when activity topped $1 trillion, according to the report. The value of global first-quarter M&A fell 45.1% year-over-year to $428.38 billion. Global M&A activity remained depressed in the first quarter of 2023, according to S&P Global Market Intelligence's M&A and Equity Offerings Market Report. Looks like Cook, at least, has done his homework on that front. “Quite the opposite: They don’t reliably raise a company’s profits or stock price, but they do reliably reduce remaining employees’ morale, commitment, productivity, and trust.”Īre there difficult moments when layoffs are the best of bad options? “The evidence seems pretty clear that except for really unusual situations-the company is about to go under, it’s the start of the Great Recession-large layoffs actually seem to hamper the ability to restart when things improve,” Peter Cappelli, a management professor at the University of Pennsylvania’s Wharton School, told Colvin. Pfeffer’s reasoning is that “research shows that generally, layoffs don’t improve a company’s fortunes,” Colvin writes. “Layoffs are definitely a confession of poor management,” Jeffrey Pfeffer, a professor of organizational behavior at Stanford Business School, told Colvin. That brings to mind a question my colleague Geoff Colvin brings up in a recent report- are layoffs a confession of bad management? The mega-cap tech giant has, so far, been able to avoid mass layoffs and still remain profitable. jobs data, the Dow had its best day since Jan. With Apple’s better-than-expected performance and favorable U.S. On May 5, the stock price jumped 4.7% closing at $173.57. Wedbush maintained an outperform rating for AAPL. In the Mac unit, sales fell 31% to $7.2 billion, and iPad saw revenue fall 13% to $6.7 billion. Apple set an all-time record for Services (including App Store, Apple Pay, Apple TV+, Apple Music, and iCloud) reaching $20.91 billion. iPhone revenue of $51.33 billion beat analysts’ estimate of $48.84 billion. The company reported revenue of $94.8 billion, down 3%, but beating analysts’ expectations. “Now, Apple and Cook are in a position to gain market share and hire talent, which is a shot across the bow at the rest of the tech space.”Īpple (AAPL) announced on May 4, earnings for its quarter ending April 1. “Apple did not hire at the 1980s rock-star-like pace of hiring we saw from Google, Amazon, Meta, and others during the last few years,” Ives explains. In addition, Apple has more flexibility because the company has been more prudent in hiring than its peers like Meta, Google, and Amazon which have laid off thousands of employees. So the company’s performance and practices, including Cook’s current stance on mass layoffs, hold weight. But he didn’t rule out the possibility of job cuts.Īpple has a “unique perch and perspective around consumer demand globally, and what this means for the path looking forward,” Wedbush analysts wrote in a May 1 note. Ives is referring to Cook’s comments on May 4 about mass layoffs: “I view that as a last resort and, so, mass layoffs is not something that we’re talking about at this moment,” he told CNBC. “We believe the lion’s share of tech layoffs are now in the rearview mirror with Cook’s words echoing throughout the Valley,” Wedbush Securities analyst Dan Ives, who covers tech, tells me. When Apple CEO Tim Cook talks, everyone else listens.
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