News update: Heineken to cut 8000 jobs and Twitter surpasses revenue expectations

 News update: Heineken to cut 8000 jobs and Twitter surpasses revenue expectations

News update.

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Heineken to cut 8000 jobs

Heineken announced today that it would cut 8000 job globally. The Dutch brewing giant announced that due to continuing Covid-19 restrictions has pushed it into the red. As Covid-10 has kept restaurants and bars closed, Heineken will cut almost 10% of its workforce.

Heineken reported a loss of 204 million euros for 2020, compared to a profit of 2.1 billion euros the previous year. The layoffs are an attempt to save more than 2 billion euros by 2023. Like the rest of the drinks industry, Heineken has suffered from the widespread closure of drinking holes around the world, its CEO said.

Heineken had announced in October that restructuring was needed to reduce personnel costs but gave no figure for layoffs at the time. The company employs around 85,000 people globally.

Heineken’s reshaping plan includes a focus on its iconic green-bottled namesake brand, plus “fewer, bigger bets in local premium brands”, it said The brewer, founded in the 19th century in Amsterdam, now sells more than 300 brands worldwide.

Twitter surpasses revenue expectations

Although Twitter has experienced an unusual year in many ways, the social network saw growth in its fourth quarter earnings of 2020. The company did not meet user growth expectations, but still surpassed earnings and revenue expectations.

Twitter ad revenue grew 31% year over year to $1.15 billion, with total ad engagement growing 35% over the same period. Total mDAUs grew by 5 million from the third quarter to 192 million but fell shy of analysts’ expectations of 193.5 million. The user base was up 26.3% compared to a year ago.

The social media giant said it expects revenue to grow faster than expenses in 2021, assuming the pandemic continues to improve and taking into account an expected “modest impact” from Apple’s upcoming privacy changes to iOS 14. The company warned it expects headcount growth of more than 20% this year, with overall expenses increasing more than 25%, this is according to CNBC.

Dorsey said: “We have a global service. We are also not just dependent upon just news and politics being what drives Twitter, this is why I believe being able to follow topics and interests is so critical and so important.”

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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