Business news in brief

By The Associated Press

Tesla plans to lay off 10% of workforce

DETROIT | After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. CEO Elon Musk detailed the plans in a memo sent to employees.

The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year. Musk’s memo said that as Tesla prepares for its next phase of growth, it needs to look at every aspect of the company for cost cuts and increased productivity, The New York Times and CNBC reported.

News of the layoffs was first reported by electric vehicle website Electrek. Shares of Tesla fell nearly 3% in Monday morning trading after the news broke.

Trump Media stock slides again to nearly 60% below peak

NEW YORK | The stock price for Donald Trump’s social media company slid again Monday, pushing it nearly 60% below its peak set late last month.

Trump Media & Technology Group was down 16.8% at $27.10 in midday trading as more of the euphoria that surrounded the stock fades. It’s a sharp comedown since nearing $80 after the owner of Truth Socialmerged with a shell company to get its stock trading on the Nasdaq under the symbol “DJT,” for Trump’s initials.

Part of the decline may be due to criticism that the stock price had zoomed way past what skeptics said the money-losing company is worth, particularly one with tough odds for success. But another part is also likely because of action Trump Media took Monday.

Smartphone shipments climb nearly 8%

Global smartphone shipments rose nearly 8% in the first quarter, according to preliminary data from International Data Corp. It’s the third straight quarter of shipment growth and marks the return of Samsung to No. 1.

There were 289.4 million units shipped in the period, according to IDC’s Worldwide Quarterly Mobile Phone Tracker.

Claiming the top spot was Samsung, with 60.1 million units shipped in the quarter, down about 0.7% from last year. Apple came in second, with 50.1 million units shipped, down 9.6% from last year. Apple was at the top spot in the last quarter of 2023.

—From AP reports