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Stock impact report

Juul Labs plans to cut about a third of staff as e-cigarette sales fall: WSJ [MarketWatch]

Altria Group, Inc. (MO) 
Last altria group, inc. earnings: 4/30 07:00 am Check Earnings Report
US:NYSE Investor Relations: altria.com/investors
Company Research Source: MarketWatch
E-cigarette maker Juul Labs Inc. is planning to cut about a third of its staff as sales are hurt by regulatory crackdowns and falling market share, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The San Franciso-based company is planning to cut 800 to 950 workers in a broader restructuring plan, the people said. The company already cut 650 jobs in late 2019 because if was forced to stop selling favored products that were popular with teens and blamed for a surge in teenage vaping. Tobacco giant Altria Group Inc. acquired a 35% stake in Juul in 2018 for $12.8 billion. The value of that stake has shrunk as regulators have stepped up and Altria booked a $4.1 billion impairment charge on the stake in the fourth quarter. On April 1, the Federal Trade Commission sued to unwind Altria's investment, claiming it violated antitrust laws. The FTC alleges that Altria, seeing Juul as a significant competitor, agreed to wind down its e-cigarette business in e Show less Read more
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