Straight from earnings report yesterday:
https://s23.q4cdn.com/483669984/files/doc_financials/quarterly/2019/Q4/ADP-4Q19-Earnings-Release.pdf
"As part of its ongoing transformation strategy, in the fourth quarter of fiscal 2019 ADP implemented a Workforce Optimization initiative to reduce management layers and increase spans of controls."
Carlos Rodriguez said: “We are pleased that we have balanced our financial growth objectives with a number of operational priorities. We continued to successfully execute on our transformation initiatives, launched a new brand campaign, and made significant progress on our next generation platforms as we stay focused on creating long-term shareholder value.”
“ADP remains committed to reinvesting in its product, distribution, and service to drive sustainable growth,” said Kathleen Winters, Chief Financial Officer, ADP. “And we are moving forward with our transformation initiatives as we look to both simplify the organization and enhance our competitive positioning.”
So, bottom line, full steam ahead with more layoffs! Bend over folks, it's going to continue!
And... the result: regardless, the stock is still down a good bit today while the market is almost all green otherwise.
ADP is a textbook example of mis-management sacrificing stability and growth for short term gains for the greedy executives!