- Best Buy Co Inc BBY is slashing store jobs to lower costs as the spending habits of customers change, the Wall Street Journal reported.
- Best Buy had around 105,000 workers in the U.S. and Canada as of January, a 125,000 drop from early 2020.
- The company had cut its sales and profit estimates for Q2, signaling a shift in consumer spending due to high levels of inflation.
- Many other corporations, including Walmart WMT and Ford F have decided to cut jobs, and technology giants like Microsoft and Facebook have stooped hiring for certain roles.
- Price Action: BBY shares closed lower by 0.16% at $80.30 on Friday.
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