Estee Lauder, the U.S. multinational cosmetics company manufacturing and marketing makeup, skincare, perfume and hair care products, may trim as many as 7,000 jobs by fiscal 2026, more than 11 percent of its workforce, after it lost money in its most recent quarter as reported a 6 percent sales slump.

"The New York-based company behind such brands as MAC, La Mer and Aveda tempered its profit outlook as the economies of China and Korea slow, in addition to global geopolitical uncertainty," reported The Associated Press on Tuesday.

Estee Lauder expects to book restructuring and other charges related to the job cuts of between 1.2 billion U.S. dollars and 1.6 billion dollars, before taxes.

As of June 30, 2024, Estee Lauder had roughly 62,000 employees worldwide, according to the company's latest annual filing.