随着首席执行官们对人工智能的兴起以及降低成本的需求作出反应，企业在本财报季向投资者传出了数千人被裁的消息。
Companies have confronted investors with news of thousands of job cuts this earnings season as CEOs react to the rise of AI and the need to reduce costs.
彭博社的一项分析显示，有关裁员、解雇和精简人员的报道再次在新闻报道中呈上升趋势，10月份的提及量创下了5月以来的最高纪录。在欧洲，甚至连政府也在增加面临失业风险的岗位数量。
Mentions of job cuts, firings and layoffs are trending again in news reports, with references in October the highest since May, an analysis by Bloomberg shows. In Europe, even governments are adding to the number of jobs in jeopardy.
在最新进展中，据彭博新闻社在此家娱乐巨头本月晚些时候公布业绩之前报道，华特迪士尼公司正朝着裁员数千人的方向推进。德国汽车零部件供应商舍弗勒集团周二表示，将在欧洲裁减3460个岗位，导致其股价小幅下跌。
Among the latest developments, Walt Disney Co. is moving toward thousands of job cuts, Bloomberg News reported ahead of the entertainment giant’s results due later this month. German auto supplier Schaeffler AG said Tuesday it will eliminate 3,460 roles in Europe, pushing its shares slightly lower.
市场对宣布裁员的反应似乎取决于投资者认为企业是在调整员工队伍以抢占不断变化的环境先机，还是在对威胁做出紧急应对。PayPal控股公司和微软公司在宣布其计划后小幅上涨。另一方面，沃尔沃汽车公司在表示将为应对中国市场的消失而进一步加深裁员力度后，股价暴跌。
Market reaction to announced cuts has seemingly depended on whether investors perceive companies to be adjusting their workforce to get ahead of changing conditions, or taking urgent action in response to a threat. PayPal Holdings Inc. and Microsoft Corp. rose slightly after announcing their plans. Volvo Car AB, on the other hand, plunged after saying it would deepen job cuts in response to a vanishing market in China.
贝伦贝格银行股票策略师克里斯·阿姆斯特朗表示：“股价反应很大程度上取决于市场认为这是出于实力地位，还是像沃尔沃那样，处于承受巨大压力的地位。”
“The share price reaction very much depends on whether the market thinks it’s coming from a position of strength, or whether, as was the case with Volvo, where they’re coming from a position where they’re under a lot of pressure,” said Chris Armstrong, stock strategist at Berenberg.
许多数字表明了大幅裁员的规模：微软正向6万名员工（占其员工总数的四分之一）提供买断工龄方案，而奈飞公司正在将员工数量减少6%。巴克莱银行正在裁员5000人，以利用人工智能降低成本。沃尔沃汽车的进一步举措影响到2500名员工。
Many of the numbers signal significant reductions: Microsoft is offering buyouts to 60,000 workers, or a quarter of its staff, while Netflix Inc. is reducing numbers by 6%. Barclays Plc is cutting 5,000 jobs to reduce costs through the use of artificial intelligence. Volvo Car’s further moves affect 2,500 workers.
Leverage Shares公司高级研究分析师维奥莱塔·托多罗娃表示：“投资者应该问一个问题：这家公司裁员是为了增长，还是为了维持生存？一家盈利的企业精简管理层级并将节省下来的资金投入到技术中，随着时间的推移可能是个好消息。填补需求下降留下的漏洞的裁员是一个警告信号，而不是解决办法。”政府也在接受通过更多地利用人工智能来精简员工队伍的想法。
“Investors should ask one thing: is this a company cutting to grow, or cutting to stay afloat?” said Violeta Todorova, senior research analyst at Leverage Shares. “A profitable business trimming management layers and putting the savings into technology can be good news over time. Cuts that fill a hole left by falling demand are a warning sign, not a fix.”Governments, too, are embracing the idea that their workforce could be slimmed down through greater use of AI.
荷兰计划在未来几年内裁减25,000个公务员岗位，旨在在一场人工智能驱动的效率提升行动中实现每年35亿欧元（约合39亿美元）的节支目标。
The Netherlands plans to cut 25,000 civil servant jobs over the coming years, targeting annual savings of €3.5 billion ($3.9 billion) in an AI-driven efficiency drive.
对潘穆尔·利伯姆公司的策略师约阿希姆·克莱门特来说，企业裁员是自新冠疫情结束和2022年高通胀时期以来，营收和盈利高速增长的周期即将走向终结的迹象之一。2027年和2028年的盈利增长可能会更为温和。
For Joachim Klement, strategist at Panmure Liberum, the corporate job cuts are among indications that a cycle of rapid revenue and earnings growth since the end of the Covid pandemic and the high-inflation period of 2022 is coming to an end. Earnings growth is likely to be more subdued in 2027 and 2028.
克莱门特说：“低垂的果实已经被摘完，未来成本将更难削减。人们希望人工智能带来的生产力提升将使企业即使在营收增长放缓的情况下也能增加利润。但我们还没有证据表明人工智能正在科技行业之外提高生产力。”PayPal在宣布其员工人数减少了2000多人、管理岗位减少了四分之一以上后股价上涨。相比之下，法国汽车零部件供应商OPmobility在下调全年盈利预测并宣布计划裁员770人后，创下了三年来的最大跌幅。
“The low-hanging fruit have been picked and costs are harder to cut going forward,” Klement said. “The hope is that productivity gains from AI will enable companies to increase profits even as revenue growth slows down. But we have no evidence that AI is increasing productivity outside the technology sector yet.”PayPal rose after saying its headcount has been reduced by more than 2,000, with management roles reduced by more than a quarter. In contrast, OPmobility, a French auto parts supplier, plunged the most in three years after it reduced its full-year earnings forecast and announced plans to cut 770 jobs.
根据彭博社汇编的数据，在本财报季公布更广泛重组计划的标普500指数成份股公司数量有望比去年同期增长约20%。在欧洲，此类公告的发布步伐与12个月前相似。
The number of S&P 500 companies unveiling broader restructurings this earnings season is on course to rise by around 20% from a year earlier, according to data compiled by Bloomberg. In Europe, such announcements are running at a similar pace to 12 months ago.
彭博社汇编的数据显示，随着大约70%的标普500指数成份股公司已发布财报，已有147家公司宣布了重组费用，而2025年整个第三季度财报季的总数则为178家。MSCI欧洲指数中的企业看来有望追平一年前报告的60家。
With around 70% of the S&P 500 having reported, 147 companies have announced restructuring charges, compared with 178 over the entire third-quarter earnings season in 2025, data compiled by Bloomberg shows. Companies in the MSCI Europe index look on track to match the 60 reported a year earlier.
Gama资产管理公司首席投资官拉吉夫·德梅洛表示：“在大多数情况下，裁员是企业变得更精简、更具生产力的信号。然而，由于各种原因，一些行业正在遭受痛苦：汽车行业的竞争、对利率敏感的行业。投资者正在仔细审查企业，以便把重点放在那些能够通过同化人工智能来提高生产力的企业上。”
“In most cases, job cuts are a signal that companies are getting leaner and more productive,” said Rajeev De Mello, chief investment officer at Gama Asset Management SA. “However, some sectors are suffering for a variety of reasons: competition in the auto industry, interest-sensitive sectors. Investors are scrutinizing companies to focus on those that are able to increase productivity by assimilating AI.”