Estee Lauder Companies raised its annual profit forecast on Friday and announced plans to cut up to 3,000 more jobs globally. The company is cutting more jobs in its restructuring than it initially expected.
These measures are part of an effort to accelerate a broad restructuring and turnaround plan. As part of this initiative, Estée Lauder Cos. aims to generate a further $200 million of savings.
Following the announcement, the company's shares rose, increasing about 11% in premarket trading and about 7% in early trading.