Why Goodyear Tire (GT) Shares Are Falling Today - Goodyear Tire & Rubber (NASDAQ:GT)

Goodyear Tire & Rubber Co GT said it is taking cost savings actions citing the challenging industry environment and cost pressure driven by inflation.
The company expects the planned rationalization and workforce reorganization to result in an approximately 5% reduction in salaried staff globally or about 500 positions.
The company expects the reorganization to be completed during the first and second quarters. These actions are in addition to cost synergies related to the integration of Cooper Tire.
GT expects to record pre-tax charges associated with these actions of approximately $55 million. Savings in the first quarter are expected to be $5 million.
"Our fourth quarter results fell short of our expectations given a significantly weaker industry backdrop, particularly in Europe," said Richard J. Kramer, chairman, CEO and president.
Goodyear will report Q4 2022 financial results after the market close on Feb. 8, 2023.
Price Action: GT shares are trading lower by 4.69% at $10.98 in premarket on the last check Friday.
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Goodyear Tire Says Q4 Results Fell Short Of Its Expectations; Plans Job Cuts