The financial news that actually matters
Cloudflare was not struggling when it eliminated roughly 1,100 jobs in May 2026. The company had just posted record quarterly revenue of $639.8 million, a 34% jump from the same period a year earlier. But according to CEO Matthew Prince and co-founder Michelle Zatlyn, the internet security giant’s own AI tools had become so capable,…
Cloudflare, the internet infrastructure company that routes and protects roughly 20% of all web traffic, told about 1,100 employees this week that their jobs are being eliminated. The cuts amount to roughly one-fifth of the company’s workforce. Leadership pointed to a single driving force: artificial intelligence tools adopted internally have made that many positions unnecessary….
For the second month in a row, artificial intelligence was the single most cited reason American companies gave for eliminating jobs. In April alone, employers announced 21,490 AI-driven cuts, roughly 26% of every layoff disclosed nationwide, according to the latest monthly report from Challenger, Gray & Christmas, the outplacement firm that has tracked corporate layoff…
PayPal is preparing to shed roughly 4,760 jobs over the next two to three years. Upwork, the freelance-work marketplace, already eliminated about 24% of its workforce in what the company’s SEC filing describes as a restructuring plan adopted in May 2026. Both companies pointed to artificial intelligence as a driving force, and both made their…
More than 700 Oracle employees in California learned this week that their jobs are gone. State layoff notices, obtained through a public records request, show the cuts hitting workers in Redwood City and Santa Clara, the Silicon Valley corridor where Oracle built its database empire before moving its headquarters to Austin, Texas, in 2020. The…
Spirit Airlines pulled every flight from its schedule at 3 a.m. on Saturday, June 14, 2026, told passengers not to come to the airport, and began shutting down permanently. After 34 years of ultra-low-cost flying, the carrier’s collapse has eliminated roughly 17,000 jobs and left a potentially enormous number of travelers holding tickets that may…
Every Smokey Bones restaurant in Georgia has gone dark, and the barbecue-and-grill chain is pulling back in other states too, just months after its parent company promised that filing for bankruptcy would not mean closing its doors. WSB-TV in Atlanta reported that Smokey Bones confirmed the statewide Georgia shutdowns directly to the station. (The link…
For decades, the red-roofed Pizza Hut on the corner was a fixture of American suburban life, the place where Little League teams celebrated and families gathered on Friday nights. Now, 250 of those restaurants are set to go dark. Pizza Hut is preparing to shut down 250 U.S. locations during the first half of 2026,…
Microsoft is offering buyout packages to thousands of its most seasoned U.S. employees, marking the first time the software giant has turned to voluntary retirement as it reshapes its workforce around artificial intelligence. Workers whose age and years of service add up to at least 70 are eligible, according to The Wall Street Journal, which…
Microsoft is offering voluntary buyouts to roughly 8,750 U.S. employees, an estimated 7% of its domestic workforce, through a program set to begin in early May 2026. The offer, disclosed in an internal memo from Chief Human Resources Officer Amy Coleman and reported by the Associated Press, puts thousands of workers in front of a…