Yahoo Finance's Julie Hyman breaks down leading business news on tech layoffs, M&A activity in the jewelry space, plus TikTok's parent company buying a Chinese hospital chain.
JULIE HYMAN: Some other business headlines that we're watching right now. Groupon is laying off more than 15% of its staff across several departments. In a letter to employees, Groupon leadership said, it is reorganizing the company to focus on quote, "mission critical activities." It's also leaning on more external support. The coupon-finding company also said it's rationalizing its real estate footprint to be more in line with hybrid work.
Meanwhile, over at Snap, it's reportedly in the early stages of planning layoffs as well, after a disappointing second quarter earnings report. The stock plummeted to all time lows this year following that release, with the company giving no guidance for the third quarter. It's not clear how many employees will be laid off or where those cuts will happen in the company.
Zales owner, Signet Jewelers, is buying online retailer Blue Nile for $360 million in an all-cash deal. This after Signet cut its second quarter and full year forecast due to a drop in consumer discretionary spending. The company says the move is a bid to appeal to younger consumers and to grow its wedding business.
And TikTok parent company, ByteDance, is making more moves into the healthcare sector, sort of reminiscent of Amazon announcing its acquisition of One Medical. ByteDance just buying one of China's largest private hospital chains for $1.5 billion. Amcare Healthcare runs several women's and children's hospitals in major Chinese cities. This is the latest move from the social media company into healthcare. It also, by the way, runs a telehealth app.