Texas Instruments forecasts fourth-quarter sales above estimates
Third-quarter revenue increased 28% to $6.06 billion, beating expectations, while profit per share rose 77%.
Automattic cuts jobs across teams as insiders anticipate more layoffs
CEO Matt Mullenweg said terminations remained at normal levels, while the company said it was staggering organizational changes to provide more generous severance.
Job cuts at Automattic have reached its communications and social teams, WordPress.com and the VIP enterprise business, with insiders expecting further reductions. The layoffs come after a failed effort to remove CEO Matt Mullenweg prompted board turnover and executive exits.
Marketing and product employees at WordPress.com are among those affected. Megan Fox, Automattic’s communications director, disclosed on LinkedIn that the company had eliminated her position. Automattic owns WordPress.com, WooCommerce and Tumblr.
Asked about the cuts, Mullenweg said the number of terminations was within normal levels. Company spokesperson Chenda Ngak said organizational changes were being staggered to provide more generous severance and allow additional time with each affected employee.
Insiders said the company was likely to spread layoffs across the coming months, hoping to improve Q4 revenue figures before a debt renegotiation scheduled for June. Automattic’s website lists a workforce of 1,397.
The board unsuccessfully tried to oust Mullenweg in September. The ensuing upheaval brought a replacement of the entire board and departures from the CFO, interim CFO and chief legal officer positions. Interim CFO Jeremy Klaperman departed just weeks after the board changes.