Dell Technologies Inc., (NYSE: DELL) inches up in pre trading session on Monday as faced with falling demand for personal computers, the company will lay off approximately 6,650 workers, becoming the latest technology company to announce job cuts.
The company is dealing with market conditions that “continue to erode with an uncertain future,” according to a memo obtained by Bloomberg. According to a company spokesperson, the layoffs amount to about 5% of Dell’s global workforce.
Dell and other hardware manufacturers have seen a drop in demand following a pandemic-era PC boom. According to preliminary data from industry analyst IDC, personal computer shipments will drop dramatically in the fourth quarter of 2022. According to IDC, Dell experienced the greatest decline among major corporations, with a 37% drop compared to the same period in 2021. PCs account for approximately 55% of Dell’s revenue.
Clarke informed employees that previous cost-cutting measures, such as a hiring freeze and travel restrictions, are no longer sufficient. According to the spokesperson, the department reorganizations and job cuts are viewed as an opportunity to drive efficiency.
IonQ (NYSE: IONQ) Participation In The Two-Day NQN Summit
A quantum computing industry leader, IonQ (NYSE: IONQ) shares of 2.55% to $5.64 in pre trading session on Monday as the company announces its participation in the two-day Northwest Quantum Nexus (NQN) Summit, which will be held on the University of Washington’s Seattle campus from January 23-24, where it will present to the Pacific Northwest’s top quantum computing professionals and educators and host a hackathon in collaboration with Microsoft. The NQN Summit brings together industry, academic, and government speakers to advance quantum computing science, workforce development, and economic impact.
President and CEO of IonQ, Peter Chapman stated that as IonQ, the Northwest Quantum Nexus’s first pure-play quantum computing company, brings industry-leading performance to all three major cloud quantum platforms, including Microsoft Azure Quantum, Amazon Braket, and Google Quantum.
Western Digital Corp. (NASDAQ: WDC) Will Receive $900M in Funding
Western Digital Corp. (NASDAQ: WDC) plunged over 1.23% to $42.72 in pre trading session on Monday as the company will receive $900 million in funding, which could pave the way for a merger with Kioxia Holdings Corp. The San Jose-based disk drive and memory chip maker announced the new funding when it reported quarterly results on Tuesday that exceeded revenue expectations but fell short of earnings projections.
Apollo Global Management Inc., a private equity firm, led the investment and will sit on the board. Elliott Investment Management, an activist hedge fund, is also involved. According to Bloomberg, talks are ongoing with Kioxia about a merger in which Western Digital would spin off its flash business, creating a new publicly traded company after merging it with the Japanese business. The hard-drive business would remain separate, but the terms of the deal could change, according to reports.
Goeckeler said in the announcement that they look forward to working together in advancing their goal of creating value and finalizing the best possible strategic outcome for their shareholders.