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On July 23, Irans Deputy Foreign Minister, during a meeting with ambassadors and chargés daffaires from 25 European countries, stated that the US military actions had not yielded strategic gains and instead threatened regional and global peace and security. He urged Europe to uphold the UN Charter and international law, and condemned the "aggressive acts" against Iran. Iran noted that some European countries (including Spain) had not followed the US position but had taken different approaches. Iran also warned that Europe would be considered a participant in the conflict if it provided bases and territory to the US. Iran stated that it had inflicted serious damage on the "aggressors" in the previous 40-day war and would continue to defend its national interests in the new round of military operations.As of the 2:30 closing bell, the main Shanghai gold futures contract rose 1.16% to 904 yuan/gram, the main Shanghai silver futures contract rose 1.69% to 14,735 yuan/kilogram, and the main SC crude oil futures contract rose 2.74% to 565 yuan/barrel.The U.S. House of Representatives is considering a bill that would prohibit members of Congress from trading stocks.On July 23, Iranian Parliament Speaker Qassem Ghalibaf stated, "The logic of this war is clear: no one can stand aside. In a region where we cannot sell oil, no one can sell oil. If our security cannot be guaranteed, then no infrastructure will be secure. The security of the Strait is based on the absence of US troops. We have repeatedly stated that the situation in the Strait will not return to the pre-war state."Kremlin: Ukraines appointment of a new commander-in-chief of the armed forces will not change the situation on the front lines.

DoorDash Eliminates 1,250 Positions to Curb Escalating Costs

Dec 01, 2022 11:05

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DoorDash Inc. announced on Wednesday that it will eliminate around 1,250 positions, or 6% of its total workforce, as a cost-cutting measure in response to declining demand.


DoorDash ramped up hiring to accommodate the surge of orders from those confined to their homes during the height of the pandemic, but a sudden fall in demand from inflation-conscious customers has caused the company's expenses to skyrocket.


"We should have been more vigilant in monitoring the expansion of our employees... It is my fault. As a result, operating expenses skyrocketed" CEO Tony Xu noted in a note to colleagues that was posted on the company's website.


If nothing was done, our operating expenses would continue to exceed our revenue, given how quickly we employed.


In morning trade, the shares of the corporation, which has declined by over 64 percent this year, was up approximately 5 percent.


DoorDash employs around 20,000 individuals and has delivery partnerships with Walgreens Boots Alliance (NASDAQ:WBA) and Shake Shack (NYSE:SHAK).


Given the prospect of a faster-than-expected decrease in consumer spending, a stronger focus on its cost structure is a positive sign, according to Angelo Zino, an analyst at CFRA Research.


In the first week of this month, DoorDash reported a quarterly financial loss of $295 million, which raised concerns about the future viability of delivery companies as economies recover.


The British meal delivery firm Deliveroo said at the end of October that its revenue growth would fall short of projections.


In recent weeks, DoorDash has joined Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Twitter Inc (NYSE:TWTR) in laying off hundreds of employees in preparation for a potential economic downturn.


Xu noted that reducing non-headcount operating expenses "would not close the gap" while stressing that DoorDash has been more resilient than other e-commerce enterprises.

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