Rivian plans job cuts, Snap releases AR game
Yahoo Finance Live anchors report that Rivian is set to cut 6% of its workforce amid economic uncertainty, and Snapchat has released a new augmented reality game: ‘Ghost Phone.’
Video Transcript
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BRAD SMITH: Welcome back, everyone. It's time for "Cut for Time," two stories, 1 minute each. We start with this. Rivian, they're set to cut 6% of their workforce, as inflation and other economic forces hammer automakers right now. And this is something that we've heard not just from Rivian. We've heard this from and discussed this just a moment ago on the job count-- or headcount reduction cost, restructuring side with Ford. It sounds like it's going to be a little bit more specific, though, across roles at Ford.
At Tesla, even, we had heard of some of the major cuts at the San Mateo office. It sounds like that has been completely shuttered as well. And so automakers largely just looking across their headcount and trying to figure out where those costs can be restructured at this point in time. And it's hitting jobs right now.
JULIE HYMAN: It is hitting jobs, although we still have net additions of jobs, obviously, in the overall economy. And so the question is, at what point is that going to roll over? What is that going to mean for economic growth overall. We still seem like we're a little bit far from that point.
BRIAN SOZZI: Two different cases to argue. A Rivian has been a colossal disappointment of a company. Just can't make enough of these trucks. Maybe people aren't buying them.
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But Ford trying to pivot to the future of electric vehicles, making less gas cars. All right, from autos to social media. Snapchat moving into augmented reality gaming with Ghost Phone. The game allows users to discover the secrets of an abandoned phone and spend some time hunting supernatural beings all around them. To hunt the ghosts, you'll need to carry out various activities. Good to see snap working on things like these, a couple of days removed from its stock crashing over 40% because its user growth is slowing down, and its costs are too high. I mean, come on with this.
BRAD SMITH: But this is what it's leaning into, Pokemon Go and trying to get more time spent. Of course, they just want more engagement. I know. It's the timing, though.
JULIE HYMAN: What do you think they should be doing?
BRIAN SOZZI: Just focusing on drilling down on costs, getting the businesses right. They just-- I just think they're just completely out to lunch. You just lost 40% of your shareholder value in one single day, and you're working on projects like this? This is a project that gets cut if you're really taking cost cuts seriously.
JULIE HYMAN: But they can't stop coming up with new stuff to engage their users. They can't just stop that.
BRIAN SOZZI: They could drill down a little bit better. I just don't think this is something you come out with if you're trying to make a bottom line. Just run a more efficient entity. They lost-- their stock went down over 40%--
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--in one day. I mean, that's huge.
BRAD SMITH: This is something that you come out with, though, if you're trying to get more time spent on the app, for sure.
BRIAN SOZZI: It just angers me. I don't want to--
JULIE HYMAN: Obviously.
BRIAN SOZZI: This particular story just fires me up.
JULIE HYMAN: OK, well, then, it's a good thing that we're done.