MH is telling the investors that despite the revenue miss of 11%, Cengage will still deliver projected profits through continued job cuts in the 2nd half of the fiscal year.
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Where can we see the slides?
Investors are cold-blooded. They dont give a rip about faces behind the layoff's. OMERS is interested in making sure they can pay all of their massive retired Ontario teacher's pensions. They dont lose a wink of sleep if several hundred Americans have to lose their job to make sure Granny keeps getting her retirement check.
Investors were very, very interested in the promised $285-$370 million dollars in savings from the merger. Wonder where that's going to come from?
Nothing earth shattering. More of the same: industry revenue is shrinking, company revenue is shrinking, job cuts are being used to offset the losses. Profits remain stable so investors are happy. Get out of this loser company now.
He just said the cost reductions have been "fully implemented" in October and November.
Wow