Business
Mattel goes through another round of layoffs
Mattel announced another round of layoffs targeting dozens of employees, the latest in a flurry of cost-cutting moves made by the company in recent years.
According to a notice sent to state and local officials, the company behind Barbie and Hot Wheels will lay off 65 employees from its El Segundo headquarters, effective on May 22 — about a year after it laid off 120 workers.
The company is reducing and restructuring roles across the company to optimize operations and realign the company toward a new brand-centric operating model, a Mattel spokesperson told The Times.
“These changes are designed to advance the company’s growth objectives and strengthen our competitive position,” the Mattel spokesperson said.
Employers are legally required to submit a WARN notice to alert employers, state and local officials at least 60 days before major layoffs. The initial notice was submitted on March 23.
The company let go of 89 workers in January, part of restructuring the company’s global brands team, a Mattel spokesperson told the Los Angeles Business Journal.
The shrinkage follows lackluster economic performance in 2025, which plummeted the company’s shares by 25% in February. The company lost close to $1 billion in market value.
The stock market dip came after the company announced weak holiday season sales, with Barbie products lagging. The doll, a Mattel staple, rose to the spotlight following the 2023 hit movie “Barbie,” but has since lost momentum.
Mattell made $5.3 billion in net sales in 2025, down 1% from the year before, according to the company’s unaudited financial statements.
Leaders said the company has shifted its focus toward IP-based digital games — a more profitable landscape than toys, which were once integral to Mattel’s success.
The company recently announced it spent around $160 million to acquire full ownership of its mobile game studio Mattel 163, initially a joint venture with the Chinese internet and video game company NetEase. The studio has released four games based on Mattel’s intellectual property since it was established in 2018.
The company announced earlier that digital versions of its popular game Uno had launched on Roblox and Fortnite.
Mattel has also set its sights on major movies, recently partnering with Netflix to make toys inspired by the breakout success of “KPop Demon Hunters,” which the company expects will boost doll sales.
It also has deals to develop toys for the “Masters of the Universe” franchise, which has a movie releasing in June, and the Teenage Mutant Ninja Turtles franchise that has a new movie slated for next year.
“Success in our toy business will drive success in entertainment, and success in entertainment will drive greater success in toys,” Chief Executive Ynon Kreiz said in February. “We are looking to fully capitalize on this virtuous cycle.”
Business
Apple at 50: How a garage startup became a $3.5-trillion titan
Fifty years ago, Steve Wozniak knew he built a great personal computer, but the young engineer couldn’t convince his employer, Hewlett-Packard, to buy into the big idea.
“Five times they turned me down for the personal computer. I wanted Hewlett-Packard to do it. I loved my company, but now Steve Jobs and I had to go into business,” Wozniak told The Times.
Wozniak and Jobs, both in their 20s, co-founded Apple with Ron Wayne on April 1, 1976.
Back then, personal computers were very expensive and rare. Apple would go on to revolutionize the tech industry, creating innovative, intuitive and beautiful gadgets billions of people would buy again and again.
Apple Inc.’s then-CEO Steve Jobs speaks in front of an early image of himself and Steve Wozniak during an Apple event on Jan. 27, 2010, in San Francisco.
(Justin Sullivan / Getty Images)
Apple, now one of the world’s most valuable and powerful companies, turns 50 this week.
From its humble beginnings when the founders worked out of Jobs’ family garage, Apple has ballooned over the last five decades, opening a sprawling ring-shaped headquarters in Cupertino, Calif., and employing roughly 166,000 workers.
Its market value has surpassed $3.5 trillion, making it the second-largest company in the world after Nvidia. In the fiscal year ending in September, Apple reported revenue of $416 billion and a net income of $112 billion. The company has attracted a large loyal fan base with more than 2.5 billion active Apple devices worldwide.
“Apple is more than just a technology company. It’s really a cultural icon,” said Jacob Bourne, a technology analyst at eMarketer.
By creating well-designed products that blur the lines between work and enjoyment, Apple helped foster an emotional connection to the brand, he said. The company’s strong stance on privacy and security has cultivated trust among legions of its fans who line up at Apple’s retail stores to buy its latest products.
“Every company claims to strive for excellence. It’s just a trope. But, man, you go inside Apple and talk to these people, and it’s almost a mania. It’s intense to work at Apple. A lot is expected of you,” said David Pogue, a journalist and author of “Apple: The First 50 Years.”
This attention to detail is apparent in Apple’s products.
When Apple built a way for people to unlock their devices with their faces, the company tested the technology at Harley-Davidson motorcycle rallies and even hired Hollywood special effects artists to ensure life-like masks couldn’t spoof its facial recognition system, Pogue said.
Pogue’s book, released ahead of Apple’s anniversary, goes through Apple’s long history, chronicling the company’s key players — including Jobs’ leadership style and temper — and the challenges it faced as it rose to the top.
“Apple’s story is an epic tale of frenetic all-nighters and creative rebellion,” he wrote in his book. “Of titanic successes (iPods, iPhones, iPads) and instructive failures (Lisa, Apple III, MobileMe). Of funny, idealistic, scary-smart workaholics — coming up on three generations of them — who want to make things better by making things better. It’s about management, marketing, and strategy — and also about creativity, drive, and obsession.”
Jobs shows an Apple iPhone at the MacWorld Conference in San Francisco on Jan. 9, 2007.
(Paul Sakuma / Associated Press)
Apple went through periods of financial trouble and uncertainty.
In the 1990s, the company laid off a third of its workforce and was days away from bankruptcy before the return of Jobs, who left the company in 1985 after clashing with the board and then-Chief Executive John Sculley.
In 2011, Jobs died of pancreatic cancer at 56, fueling more uncertainty around the company’s future. Apple has faced scrutiny over working conditions at Chinese factories where Apple devices and other electronics are produced.
The company had massive breakout moments of success, including the release of the iPhone in 2007, outpacing rivals such as BlackBerry and sparking the shift to smartphones.
“Apple kept up with it all. Apple was always flexible,” Wozniak said. “Now we’ve got so many different avenues, from the surfaces to other machines and AirPods and all that.”
The secret to the company’s success was it managed its brand well and didn’t make “lousy junk” that breaks down, he said.
The tech giant — which is building a new office complex in Culver City — also expanded its footprint into Hollywood in 2019 with the launch of Apple TV+, the streaming service known for such TV shows as “Severance,” “The Morning Show” and the comedy “Ted Lasso.” In 2022, it became the first streamer to win an Academy Award for best picture for family drama “CODA.”
Apple, known for looking forward, took time to reflect and celebrate its half-century.
Earlier in March, Apple held a surprise concert featuring artist and producer Alicia Keys, who performed at its Grand Central Store in New York.
The company has held celebrations in different parts of the world, showcasing artists in China, Korea, Thailand, the United Kingdom and Mexico as well.
Apple worked with artists to light up the Sydney Opera House in Australia with art designed on the iPad.
Apple Chief Executive Tim Cook with Alicia Keys at a 50th anniversary celebration at Apple Grand Central in New York on March 13.
(Theo Wargo / Getty Images for Apple)
“Through every breakthrough, one idea has guided us — that the world is moved forward by people who think different,” wrote Tim Cook, Apple’s chief executive, in a public letter about the milestone.
It’s not just Apple that’s been celebrating.
In January, RR Auction held an auction to celebrate the anniversary that included rare items such as Jobs’ bedroom desk and bow ties. A 1976 check signed by Jobs and Wozniak before the founding of Apple and an Apple I computer prototype board each sold for more than $2 million, according to the auction’s website.
The Computer History Museum in Mountain View, Calif., has been hosting events and opened a new exhibit to celebrate Apple’s anniversary.
Inside the museum, rare prototypes of Apple products, including its personal computers and smartphones, were on display to showcase the Silicon Valley powerhouse’s long journey. A wooden Apple I case, a clear acrylic Macintosh, a large iPod prototype and other items from Apple’s past fill the room.
Earlier this month, Pogue hosted a sold-out evening event that featured key people in Apple’s history, including its former chief executive Sculley.
Wayne, the Apple co-founder who left the company days after its founding, also made a rare appearance. He departed from Apple early, he said, because he thought it was too financially risky.
“If the whole thing came unglued, Jobs and Woz didn’t have two nickels to rub together, so who are they going to come after? Obviously. And I didn’t feel that I could stand the risk of such a disaster,” he said.
Sculley, who became Apple’s chief executive in 1983 and held the position for a decade, was initially reluctant to leave PepsiCo, but Jobs eventually persuaded him.
“He said, ‘Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?’” Sculley said on stage.
Today, the world is very different, and technology has evolved.
The rise of artificial intelligence that can generate text and images has prompted anxiety about the future. And it’s spurring the creation of hardware such as smartglasses and robots.
But AI can also create problems such as “deepfakes” that make it seem like a person is saying something or doing something they’re not, Wozniak noted.
People spend a lot of time scrolling through videos on social media, addicted to their phones instead of interacting with their friends and family.
“The world is run by people who want to sell things,” Wozniak said. “They’re not going to let us get away from that.”
Apple is also contending with the AI race and is seen to be trailing. Its shares rose more than 55% over the last three years but the broader Nasdaq Composite index rose more than 75% and it ceded its throne as the world’s largest company by market value to Nvidia.
Meanwhile, there are questions swirling around when Cook, 65, will retire.
For now, Apple appears positioned well, analysts said.
“I see Apple being able to weather the current pressures at least for the foreseeable future,” said Bourne, the eMarketer analyst.
Business
Californian chocolate recalled for being spiked with Viagra ingredients
Chocolate products from a Californian company have been recalled after they were found to have been spiked with the potentially dangerous ingredients used in Viagra and Cialis.
The San Francisco Bay Area’s Gear Isle recalled the products after they were found to contain undeclared prescription drug ingredients used to treat erectile dysfunction, the U.S. Food and Drug Administration announced last week.
The products, sold online across the U.S., were found to have sildenafil and tadalafil. The ingredients could cause a “life-threatening” drop in blood pressure when mixed with nitrates found in prescription drugs, according to the FDA.
The two recalled products are Gold Lion Aphrodisiac Chocolate Male Enhancement Sachet and Ilum Sex Chocolate Male Sexual Enhancement Booster. The FDA initially issued a warning in February advising consumers not to purchase the second item after confirming the product contained tadalafil.
Men who use nitrates to treat cardiac conditions are most at risk when using the products, according to the announcement, which urged customers who purchased the products to stop using them immediately.
The Ilum sexual enhancement chocolate comes in black packaging with yellow and white font that reads “male sex chocolate.” The Gold Lion product is sold in purple packaging.
Gear Isle specializes in “adult novelties,” the company’s website states. The company doesn’t make any of the products it sells, according to its website.
Gear Isle has not received reports of adverse reactions from these products, according to the FDA announcement. The company has reached out directly to customers to coordinate returns and refunds.
The FDA warned consumers that products marketed as dietary supplements, which are typically promoted for sexual enhancement, weight loss and pain relief, can contain hidden drug ingredients.
“Consumers should exercise caution before purchasing these products,” the February announcement read. “FDA is unable to test and identify all products marketed as dietary supplements that have potentially harmful hidden ingredients.”
Business
As oil prices rise, airfares are surging and some airlines might not survive
Summer travel will be more expensive and some airlines could go out of business as the war in Iran continues to drive oil prices up.
Airlines across the world have been grappling with higher jet fuel prices since the U.S. and Israel began bombing Iran late last month. Customers are already facing higher fares.
United Airlines Chief Executive Scott Kirby said this week that his company could face an $11-billion loss if oil prices remain at their current levels. Meanwhile, United’s airfare could increase by 20%, he said.
With thin profit margins and oil prices hovering around $100 per barrel, airlines have no choice but to pass the increased costs onto consumers.
Some airlines might not survive the hit.
Kirby compared the situation to the pandemic in 2020, when a global shutdown squashed demand and travel.
“If these other guys make the same mistakes they made six years ago, and if the forecast about $175 per barrel is right, you’ll see airlines not survive,” he said Tuesday.
Budget airlines are at higher risk because they have razor-thin margins and rely on high customer volume, said Alan Fyall, an associate dean of the University of Central Florida Rosen College of Hospitality Management.
Spirit, the low-cost carrier that filed for its second bankruptcy last year, cut several routes earlier this month.
“They’re less resilient to these types of challenges,” Fyall said.
The impact will vary by airline, he added. Many airlines hedge their fuel to negotiate a fixed price, and stock up on fuel while it’s less expensive.
United Chief Commercial Officer Andrew Nocella said the company is ready to face instability.
“We’ve prepared for shocks to our industry, because they occur on a regular basis,” he said.
“Just like the gas stations have, we’ll have to adjust pricing to reflect our cost of fuel,” he said. “We feel really good about the future even as we go through this period of higher oil prices.”
Like gas for cars, jet fuel is more expensive in California.
Type A jet fuel cost $12.72 per gallon on Friday at Los Angeles International Airport, according to Atlantic Aviation. At Denver International Airport, the price was $9.73 per gallon, and at Miami International Airport, it was $11.73.
The average price of auto fuel in California on Friday was $5.84 per gallon, compared to a national average of $3.97, according to AAA.
The West Coast is a “fuel island” because it’s not connected by pipelines to the rest of the country, Kirby said, meaning all oil and refined products have to be brought in by ships.
“Fuel price is more susceptible to supply weakness on the West Coast than anywhere else in the country,” Kirby said in an interview. “Prices are almost certainly going to be higher.”
Some flight routes in California from hubs such as San José and Burbank could become unavailable as airlines look to save money.
“Airlines will refuel where they can, at the cheapest source,” Fyall said. That could lead companies to avoid filling up in California when possible.
As the global conflict continues and the industry braces itself for even higher fuel prices, United unveiled a new product this week that it hopes will help boost demand.
The United Relax Row, which launches next year, turns a row of economy seats into lie-flat space ideal for families with small children.
Even as ticket prices increase, “there’s a good percentage of the market prepared to pay for elevated experience and elevated comfort,” Fyall said.
-
South-Carolina3 days agoSouth Carolina vs TCU predictions for Elite Eight game in March Madness
-
Miami, FL5 days agoJannik Sinner’s Girlfriend Laila Hasanovic Stuns in Ab-Revealing Post Amid Miami Open
-
New Mexico1 week agoClovis shooting leaves one dead, four injured
-
Minneapolis, MN5 days agoBoy who shielded classmate during school shooting receives Medal of Honor
-
Tennessee1 week agoTennessee Police Investigating Alleged Assault Involving ‘Reacher’ Star Alan Ritchson
-
Politics1 week agoTrump gives Iran 48-hour ultimatum to reopen Strait of Hormuz or face strikes on power plants
-
Technology1 week agoYouTube job scam text: How to spot it fast
-
Technology1 week agoHalide co-founder is suing former partner Sebastiaan de With for taking source code to Apple