In another post, someone mentioned the following:
"There aren't rumors of another layoff. It was stated in a publicly released transcript of an earnings call that there will be layoffs. Rumors by definition aren't verifiable. This imminent layoff is fact."
Does someone have a link to this transcript that says there's going to be layoffs again? I heard earnings beat estimates in the last earnings call. So why layoffs?
Why more layoffs? Read the Q1 2017 investor transcript:
-We are controlling what we can and are increasingly confident in our ability to execute as we streamline
the business and pivot to the growth areas of the market
-We are streamlining the business and reducing our cost base ..yadda..yadda
Q1 net revenues of $1.29B declined approximately 3% y-over-y ..yadda..yadda
Product revenue was $660mm and for the first time in several quarters was essentially flat on a y -over-y
basis
-On a y-over-y basis, product gross margin was down about 4.5 points
-Operating expenses of $652mm decreased 13% y-over-y. This decline reflects that early results of our transformation efforts
-Although we have made progress on this front, we will continue to take additional steps throughout the
year to permanently lower our cost structure, including but not limited to, headcount reductions and
continue to drive greater efficiencies across the business
In English:
NetApp sales continue to s---. Our profit margins on what little we do manage to sell also s---. We only made a (on paper) profit because we cut heads in March. But don't worry, investors, no matter what happens, we'll continue to make a (on paper) profit because we are going to continue cutting heads!
The Register put it best in this headline: "'Disciplined' NetApp cuts weight, turns in a prettier spreadsheet."
Anyway, good luck! I bailed on my own last year, one of the best decisions I've ever made.
http://files.shareholder.com/downloads/NTAP/3008851986x0x905309/6E4C776D-341C-4D53-A523-FBBA3FCCCFEB/NTAP_Q1_FY17_Transcript_.pdf
Search for "headcount reductions".