Seagate misses Q1 estimates with $2.04B revenue and plans to cut around 3,000 jobs to reduce costs amid slowing demand; stock drops 9%+ and is down ~50% YTD (Ian King/Bloomberg)

Ashley Capoot / CNBC:
DocuSign will lay off 9% of staff as part of a major restructuring to be completed by 2023 end, incurring charges of $30M-$40M; it had 7,461 staffers in January  —  – DocuSign will lay off 9% of its workforce as part of a major restructuring plan, the company announced Wednesday.

Dawn Chmielewski / Reuters:
Spotify reports Q3 revenue up 21% YoY to €3.04B, MAUs up 20% YoY to 456M vs. 448.6M est., and Premium subs up 13% YoY to 195M; stock drops 6%+ on ad growth miss  —  Audio streaming service Spotify Technology SA (SPOT.N) Tuesday surpassed Wall Street’s estimates for revenue and subscriber gains …

Zheping Huang / Bloomberg:
Kuaishou reports Q3 revenue up 12.9% YoY to ~$3.2B, beating estimates, and a ~$378M net loss, holding its own against ByteDance and China’s slowing economy  —  Kuaishou Technology’s revenue beat estimates, holding its own against a slowing Chinese economy and competition from TikTok owner ByteDance Ltd.

Bloomberg:
Cerebral, a telehealth startup focused on mental health, is cutting 20% of its staff, impacting “all divisions”; Cerebral was valued at $4.8B in December 2021  —  Cerebral Inc., the telehealth startup focused on mental-health care, is cutting staff in a restructuring that will affect 20% …

Kurt Wagner / Bloomberg:
Source: Zuckerberg told staff in a weekly Q&A that Meta will freeze hiring, restructure some teams, and reduce budgets across teams, citing economic conditions  —  Meta Platforms Inc., the owner of Facebook and Instagram, said it will freeze hiring and restructure some teams in an effort to cut costs and shift priorities.

Wall Street Journal:
Sources: to cut costs by 10%+ in a few months, Meta is nudging out a significant number of staff by reorganizing and giving a window to apply for other roles  —  Facebook parent is looking to reduce costs by at least 10%, people familiar with the plans said, while Google has required some employees to apply for new jobs