BUSINESS

Photo Credit:Getty Images

Meta is preparing to axe thousands of workers, and employees say morale inside the company has never been lower.

The Facebook parent confirmed in an internal memo Monday that it will lay off approximately 10% of its global workforce on Wednesday, May 20, with notifications rolling out in three batches at 4 a.m. local time across different regions. The cuts amount to nearly 8,000 jobs.

 Photo Credit: Getty Images

Nokia scored a major legal victory in Britain on Tuesday after the Court of Appeal halted patent claims brought by Taiwanese electronics groups Acer and Asus, marking another turn in a wider international dispute over video streaming technology.

Photo Credit: Getty Images 

PlayStation has announced price increases for its PlayStation Plus subscription service in several regions, citing "market conditions." Monthly rates for the basic tier will rise by £1, $1, or €1, while three-month plans will increase by £3, $3, or €3. These changes generally do not affect current subscribers unless their plans lapse or are modified; however, the company noted that the price hikes will apply to current subscribers in Turkey and India regardless.

Photo Credit: Getty Images

EBay on Tuesday turned down GameStop's proposed $56 billion acquisition, saying the videogame retailer had failed to present a convincing financing plan and arguing the offer undervalued the online marketplace's ongoing turnaround.

Photo Credit: Getty Images

Detroit's biggest automakers are cutting their white-collar workforces at a pace not seen in decades. And experts warn the worst may still be ahead.

Photo Credit: Getty Images

Sony Music Publishing has announced an agreement to acquire the complete music rights portfolio of Recognition Music Group from funds managed by Blackstone in a deal valued at more than $2 billion according to industry estimates. Although the exact financial details of the acquisition were not officially disclosed, reports from Billboard and other entertainment industry sources have placed the catalog’s value in the multibillion dollar range.

Photo Credit: Getty Images

Honda has reported its first annual loss in 70 years, recording a total operating deficit of $2.68 billion for the fiscal year ending March 2026. The company attributed the loss to a miscalculation in the electric vehicle (EV) market, where demand fell significantly short of forecasts. To mitigate rising costs, Honda is scaling back its EV production targets and shifting its supply chain to source cheaper parts from China.

Photo Credit: Getty Images

Saudi Aramco posted a sharp rise in first-quarter profit Sunday, beating market expectations as the Saudi oil giant relied heavily on its East-West pipeline to keep crude flowing during the escalating conflict involving Iran and the Strait of Hormuz.