October 21, 2020 - Biz in 60

Cathay Pacific cuts 8,500 jobs and closes regional airline Cathay Pacific is slashing 8-and- a-half thousand jobs globally as it grapples with a plunge in demand as a result of the pandemic. The cuts include 2-thousand 600 vacant positions that would remain unfilled. Hong Kong's flag carrier is also shutting its regional Cathay Dragon brand as part of a restructuring that would cost around 285-million- dollars. Nestle ups full-year guidance as Q3 sales beat expectations Nestle has reported organic sales growth of 4-point-9 percent in the third quarter, beating analysts' expectations. That's as strong demand for pet food and health products helped offset a slump in food sales to restaurants and cafes. The world's largest food company has also raised its guidance for 2020, forecasting sales growth of around 3 percent for the year. Snap shares surge as user growth, revenue top estimates Shares in Snap jumped around 25-percent after the social media platform smashed expectations for revenue and user growth. The company reported an 18-percent rise in daily active users in the third quarter to 249-million, as more people signed-up to the service during the pandemic. Revenue also surged 52-percent to a record 680-million- dollars.