Alcoa lays off & cut costs to support Q2 performance
It was reported that Alcoa said yesterday (July 8) that the company laid off and cut costs to make a better performance in the second quarter as the novel coronavirus epidemic has shrunk its business. According to Roy Harvey, President and CEO of Alcoa, the company has therefore raised productivity and saved costs.
Alcoa estimated that the second-quarter revenue will be US$2.1-2.18 billion, higher than analyst estimates at US$2.09 billion. Besides, Alcoa predicted a quarterly loss of approximately US$190-205 million and an adjusted loss of 8 cents per share to a breakeven point, compared to analyst’s estimate of an adjusted loss of 58 cents per share.
