Estee Lauder Companies will eliminate 9,000-10,000 jobs globally, significantly exceeding its earlier projection of 5,800-7,000 positions. This decision, part of a broader restructuring effort, aims to boost savings and fund growth initiatives. Shares surged 11% in premarket trading, reflecting investor confidence in the revised strategy.

The New York-based beauty giant, parent to brands like MAC, Smashbox, and Jo Malone, cited reduced point-of-sale demonstration roles in department and freestanding stores as a key driver of the cuts. Shares climbed to $85.24, marking the stock’s highest level in over a year.