StubHub Furloughs Two-Thirds of Its Workforce (Axios, Mar 26, 2020)

Summary

An Axios article by Ina Fried dated March 26, 2020 reports that online ticket resale firm StubHub confirmed it had put a significant portion of its workforce on unpaid leave. Citing Business Insider, it says some 450 employees, two-thirds of StubHub's workforce, were affected; a StubHub representative confirmed the move but declined to say how many people were put on leave. The article notes that major professional and college sports leagues had come to a halt and that StubHub was offering buyers of canceled events a coupon worth 120% of the ticket value. It also mentions TripActions laying off staff on a mass Zoom call and a Salesforce pledge against significant layoffs over the next three months.

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Mar 26, 2020 - Economy

StubHub furloughs two-thirds of its workforce

- Ina Fried , author of Axios AI+

Photo: Interim Archives/Getty Images

Online ticket resale firm StubHub confirmed on Wednesday that it had put a significant portion of its workforce on unpaid leave . Some 450 employees, two-thirds of StubHub's workforce, were affected, Business Insider reported .

The big picture: StubHub is just one of many tech companies whose business has dried up overnight because the coronavirus has decimated a wide swath of industries, from entertainment to travel to health and beauty.

What they're saying: A StubHub representative confirmed the move, but declined to say how many people were put on leave.

- "We continue to support our customers and partners and look forward to a time when we are able to return to the joy of live events and the special, human connections that come with them," the company said in a statement.

Context: The move comes as all the major professional and college sports leagues have come to a halt and half the country is sheltering in place in an effort to slow the spread of the coronavirus.

- For those who had bought tickets for events that were canceled, StubHub has been offering customers a coupon worth 120% of the value of the ticket.

Meanwhile:

- TripActions laid off a chunk of its staff via a mass Zoom conference call .
- Salesforce, on the other hand, pledged it wouldn't have significant layoffs over the next three months as the company — and the country — try to ride out the outbreak.
- Huawei CEO Ren Zhengfei told the Wall Street Journal most employees of his company are back at work but that he’s still expecting it to take a financial hit this year as a result of the pandemic.

Go deeper: Biggest spike in jobless claims in U.S. history

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