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Maersk 3Q EBITDA Plummets ~83%, Still Beats; 10,000 Layoffs Announced
Maersk, the global shipping giant, announced its 3Q23 results. Quarterly net profit amounted to US$521 million, down 94.1% YoY. Quarterly revenue sagged 46.7% YoY to US$12.129 bill...
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Maersk 3Q EBITDA Plummets ~83%, Still Beats; 10,000 Layoffs Announced
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Maersk, the global shipping giant, announced its 3Q23 results. Quarterly net profit amounted to US$521 million, down 94.1% YoY. Quarterly revenue sagged 46.7% YoY to US$12.129 billion. Quarterly EBITDA plummeted 82.7% YoY to US$1.878 billion, slightly higher than the market's estimation of US$1.81 billion.

The Company expected full-year operating profit to be at the lower end of its forecast and will cut 10,000 jobs to save US$600 million in 2024, with restructuring costs rising to US$350 million from US$150 million announced in the beginning of 2023.

The Company also said that, in view of the future uncertainties, capital expenditure has been reduced for 2023 and 2024, and the continuation of the share buyback plan in 2024 is under review.

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