Observations from the call...
If you have experienced this on the inside: a massive effort is spent preparing the executives for this live call. Still, smart people are in the room ready to provide the "answers" for the tough questions. The executives are arrogant and have gotten to the top by BS'ing so they don't often get flustered. So it was fun to hear the panic from the new know-nothing "CFO".
The Scot said nothing. Quite a change.
They used the words " cost of supply" 47 times but no one in the company knows what this is.
No layoffs, but they are letting people go quietly to avoid reporting requirements.
On the earnings slide, where every BU is losing money, look at headquarters. Despite the spin about cutting costs, HQ is a bloated mass of useless people dragging down the company.