The collapse of the stock and disastrous quarterly results means layoffs are a certainty in August. They will have multiple waves to stay below the WARN act but theses layoffs will hurt.
Good luck if you haven’t already jumped this sinking ship of fools.
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Huge layoffs coming to Shitrix since the catastrophic collapse of the Sh---y stock. Once again firing older workers that will be never be replaced with junior staff in offshore locations. It is clear that All that matters to Co--------g VPs are their bonuses, fu-k the workers , treat them like pheasant servants , self-enrichment and cheap labor is all they want, to he-l with talent, expertise and offshoring risks.
Smellyrix VPs and directors will sc--w all the people that stuck with the company through the hard times and treated the management like celebrities. It was never a Shitful family, it was just a convenient user game for the VPs that received all the stock and raises every quarter and every year.
Shitrix was a bi--h the VPs treated like a wh--e and rode till exhaustion.
Remember, Cockfullintheass karma payback is a b--ch.
SHAME ON YOU FOR HOW YOU TREATED YOUR EMPLOYEES.
Some poor souls were let go this week. I fear many more layoffs to come.
Worst performing S&P 500 stock since July 31, 2020. #1 out of 500 (actually 505 since some of the new adds/subtractions are tracked). In a year where remote work became mainstream. Thinking about things that is almost mathematically impossible.
Wow what a disaster the management clowns has created. That’s what happens when you have favoritism over merit. And any lack of vision.
It’s not a question of layoffs but the scale of the layoffs...
Reap what you sow...
"""Where exactly has your information come from? The earnings are not announced until tomorrow morning. I call BS on your posting."""
So I rescind my response. The earnings are not good (knew I shoulda sold my stocks yesterday, but I had hope). The CISO is leaving, org consolidation, back fill positions placed on hold, budget concerns in orgs that normally did not worry about budget, and the message from DH on the call basically paved the way for some orgs to get hit hard. Hopefully this doesnt happen, as people do rely on their jobs to live.
I know normally when this happens, there are 4 orgs that are hit hard.
Marketing
Sales
IT
Support
I believe Security is going to get pulled into this one also and possibly "outdated" Engineering departments.
I hope things work out for everyone.
DH said it himself on the earnings call this morning that "there will be immediate action taken to correct the issues." That equates to a reduction in force. I bet the RIF list is already with HR. Stock is tanking and DH won't care anymore about whether the news breaks on layoffs, saving the bottom line is all that will matter now. This isn't the first quarter that earnings was off, investors won't tolerate this for much longer and he knows that. His message was strong today and it was obvious where it's headed. High performers have left on their own, since they saw the writing on the wall. Mismanagement and poor execution of the strategy are to blame. Favoritism and promoting unworthy people is starting to show with their complete incompetence. This company should have ki---d it in this era of COVID, instead they sank. Most employees that are left are either too foolish to see through the bull + drink took much of the HR kool-aid or are clinging on to get a payout from their stock. Good luck to the group in the latter category, the stock wont be worth anything by the time you can actually cash it out hahaaaa.
Layoffs have been happening the last 18- 24 months and continues, but there is not going to be any massive layoff as in the past.
That brings too much negative publicity.
But yes, if I was an investor I would worry. A lot of high performer's have left or "settled to leave" because they juat happen to be located in the wrong country.
In APAC Australia has taken a massive hit.
A lot of offices in EMEA are 50% down in employee's compare to 18months ago.
The plan, my assumption, from the company is to establish centralised hubs in UK, Germany and France or maybe even Spain as France is VMWARE land.
Where exactly has your information come from? The earnings are not announced until tomorrow morning. I call BS on your posting.
Money Talks, Bu-----t Walks...