Writing is on the wall. There is no future in such a mis-managed company full of cronyism and graft.
There is no innovation in product and Wall Street has had enough of the deceptive practices.
Major layoffs are coming to ensure executive bonuses keep getting paid while hard working employees are on the un-employment bread line.
You were warned...
10 replies (most recent on top)
S—-less stock was under $115 and falling. Hemorrhaging below $99 very soon now.
Cullings will happen any day now.
The stock is collapsing
Around our ears
I turned up the radio
But I can't hear it
That radio song
Hey, hey, hey
People get promotions and some double promotions for being boot-lickers while others who are actually producing concrete results and doing the real work are regularly ignored.
This is all wrong. You don’t need to be a boot li---r to be promoted. If this was true, many managers who have been doing it for years would have got promoted.
It needs more skills and efforts than that if you are a manager. You get promotions by being a consistent brown noser. I have a few in my organization who were well rewarded and have raised the bar.
The top post is spot on. All the short-term financial parlor games, quota-stacking, forced customer spending tactics, reseller margin-dampening are by-products of a CFO, turned CEO with no understanding of value creation, despite having all the foundational building blocks in front of him.
Historically, he is the technology leader equivalent of Eddie Lampert (Sears) cutting costs while not even accomplishing short term gains. Shareholders always act too late opening the trap door on these guys.
Problem is Citrix is legacy technology, but management trying to extract every last penny out of customers and even staff by moving goalposts and financial engineering.
What they don’t realise is that the world has moved on from this type of approach - the companies that are really succeeding are doing so by delighting their customers (Amazon) proving great solutions with excellent value and looking after their staff (Salesforce). Every time Citrix tries to extract short term value they do it at the expense of long term growth, which is now very apparent in the revenue and share price.
I’m not sure management really care, I used to think they did but now I reckon the company is loaded with people that are sitting there with life rafts and jackets ready.
Citrix could still a corner and succeed but it would take a radical change of direction and major investment in technology, R&D and innovation - I just don’t think this management mob have it in them at this point.
Latest news: 8,400 employees being laid off within the next 2 weeks
<$119 today. Though I see that CTXS stock has not seen the worst yet. More pains await in the coming months and quarters.
All other companies providing remote work and collaboration tools have tripled or quadrupled their stock values since last year. However, mismanagement and ill-leadership at Citrix ensured that the stock doesn't rise up.
Its also clear that Workspace strategy is all smoke and mirrors and there are no major takers. Both the business plan and the execution is flawed. The effect of the $1B Wrike acquisition will be seen long and hard in coming quarters. If it was not for legacy Receiver sales due to pandemic, the stock would have tanked below $70 by now.
Unsurprisingly, this is what happens when politics is rewarded and outcomes are ignored. People get promotions and some double promotions for being boot-lickers while others who are actually producing concrete results and doing the real work are regularly ignored. Ironically, in my organization culture is talked about a lot but leaders don't walk the talk, and everyone sees it. Yes, culture eats strategy for breakfast and leadership eats culture for lunch at Citrix.
Many talented leaders and employees have already left due to this double standards, and many more I know have a foot on the door or actively looking out.
I hope incompetent leaders are made accountable and are fired before laying off any other employee, but I know that's not how it will end. Fingers crossed...
Stock hemorrhages another $5.00 on Friday . This company stock is going under $99.00 in no time.
Layoffs will follow soon.
Place is really pi----g me off.
Morale in the team is in the Sh----r.
Management not listening to employees. Fu-k it
Hard working? We could get rid of half the development managers and see an increase in productivity.