Estee Lauder announced plans to eliminate up to 7,000 jobs, over 10% of its workforce, as it faces declining sales and tariffs affecting its business. The company revealed a loss of $590 million in Q2 and trimmed its profit outlook considerably, attributing these challenges to weaker demand in Asia and competitive pressures. CEO Stéphane de La Faverie stated the restructuring, expected to incur charges between $1.2 billion and $1.6 billion, aims to create a leaner operating model. The share price has fallen significantly in response to these developments, signaling investor concerns about the company's future.