Nike cuts more technology jobs as part of $2 billion cost-saving plan

Nike, the global sportswear giant, has confirmed an additional round of layoffs affecting its technology workforce, just a month after it began downsizing. This move is part of the company's ambitious $2 billion cost-saving plan aimed at streamlining operations and enhancing profitability. The decision underscores Nike's strategic shift towards optimizing its resources amid a rapidly changing retail landscape. The recent layoffs primarily impact teams involved in digital transformation and innovation projects. Nike's focus remains on strengthening its core business areas while investing in advanced technologies that directly align with its consumer engagement strategies. Despite these job cuts, the company reassures stakeholders of its commitment to technological advancement, asserting that the realignment will ultimately lead to more efficient operations. Industry analysts view these layoffs as a reflection of broader trends in the retail sector, where companies are increasingly prioritizing cost efficiency and agile business models. Nike's decision aligns with similar moves by other major corporations seeking to navigate economic uncertainties and heightened competition. As the company recalibrates, its continued emphasis on digital and direct-to-consumer channels is expected to drive future growth.

— Authored by Next24 Live