Topline
Shares of Carvana and Beyond Meat surged Friday, making them the latest companies to be rewarded by investors after announcing layoffs or cost cuts in recent weeks amid a challenging economic environment, as Wall Street analysts have largely cheered the cost-saving measures.
Key Facts
Shares of Beyond Meat surged nearly 22% despite the plant-based foods maker reporting dismal quarterly revenue and profits, with investors apparently optimistic about the company’s plans to save costs by laying off 4% of its workforce.
Online used-car retailer Carvana’s stock jumped 40% on Friday, a day after saying that it is aggressively reducing costs as consumer demand takes a hit from high inflation and the prospect of a recession.
Shares of popular stock trading app Robinhood rose 12% Wednesday after it reported dismal second-quarter earnings along with a 23% reduction of the company’s workforce,
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