Quarterly earnings date is coming, along with the layoffs. In order to compensate the lose income to COVID 19, Allscripts will have to cut at least 20 to 30% headcount to lower the payroll cost.
35 replies (most recent on top)
No product line is selling. No one safe
What's the likelihood of Sunrise being impacted next week?
Classic
What department/business unit got a meeting invite for 7/30?
I would be very shocked if mass layoffs were not announced following the earnings. I don't know how the company would sustain itself otherwise. It's really unfortunate.
What do we expect at 07-30? Just received a department all employee meeting request.
Zacks listed expected earnings date as 8/13/2020. Allscripts is too sheepish to announce an actual earnings date; possibly because stock price could plummet.
Where did you find the earning date? Allscripts did not officially announce the date yet. From yahoo finance, the expect earning growth is -23.50%. The EPS expectation is .15, with last quarter eps .09, far below expectation. Does the board rank CEO based on that? PB should be put on PIP.
With the stock price seesawing stock, and quarterly net income in the red by negative $20.35M. PB is going to want to layoff as many employees as possible and sell profitable business units. May the force be with you.
Investor call in 2 weeks. OhShit!
“ How can Allscripts sustain the savings generated from the paycut? To reduce headcount, right?”
You’re confusing one business issue with another.
I hate to disappoint the kool-aid drinker below but our stock s—s and has for years. At one point we were just trailing Cerner. Now they can't even see us from all the dust they're kicking up.
Funny how every open job req on Allscripts site is in India. The writing has been on the wall for a while. Middle managers in the US, and all development and support performed offshore. A complete race to the bottom.
Now we know what from the stock price? We know that the market is up today. Cerner and McKesson are up a bunch too. What does that tell us exactly?!! Let’s see what earnings release tells us rather than one good day on the market.
Have you seen the stock price today? Now you know...
Allscripts stock is down 31% this year.
I can smell a storm brewing.
I’ve heard from former colleagues in three areas: sales operations, some support roles, and marketing that there was some employee shuffling and reorganization happening the last few days. Not sure that’s meaningful. Could still promote some and then lay-off others, that seems about dysfunctional enough for Allscripts but maybe that’s the next phase is another people shuffling exercise
Somebody drank the koolaid.
There are areas of the company where they literally cannot make any more cuts to workforce - not if they want those parts of the business to be "sustainable" at any rate. You cut any more of those workers and nothing is going to function at all any more.
There are entire business units where "improving our ongoing process" means creating some kind of process in the first place. I suppose that's a start toward "improvement". As for orgs that actually do have processes in place, most of them are dysfunctional and inefficient to the point of being counterproductive. Those processes are often limited to just a few groups and a couple of vertical levels, with stunningly stupid disconnects between orgs. There are a lot of orgs out there that have always been rogue agents, doing whatever they want without any official process in place - and I see no indication that that's changing. So whatever "improvement" is happening is happening in a limited fashion.
next earnings date is 7-30-2020..
How can Allscripts sustain the savings generated from the paycut? To reduce headcount, right?
No. There’s no mention of additional cuts. (Are there ever?) This is what was said about staff reduction ... “The first phase of unlocking our full potential focused on cost reductions and realigning our workforce, which was painful but necessary. Our current phase focuses on making these improvements sustainable and improving our ongoing processes.“
I didn’t get this email, is this true?!
For those of us already laid off, did PB’s email really say 20-30%?? That’s a lot of people, more than this years total so far.
Would it be better to tell my manager I quit or just returning her calls?
Y did not read Paul Black’s latest email?
Another hyperbole post? How about some actual facts? Any internal emails being circulated yet making this news reliable??
The package is conditional on agreeing not to sue. Also, people nearing retirement age are in one situation. While I am sure eventually I will be happy to be away from the chaos and mismanagement at Allscripts, I don’t think that many people willingly want to be unemployed in this climate. Job searching amidst a pandemic has been incredibly stressful at best. Those waiting for a good package and their turn... there are no guarantees you’ll be re-employed quickly no matter what you may think.
I would gladly take a voluntary retirement package at this point.
Lawsuits from laid off employees? Just make the severance package conditional on signing an agreement not to sue. Problem solved.
Paul, you could get rid of all high paid US workers without any risk of lawsuits by moving the company to India. Oops, forgot that you are part of US workers. Or do you?
You could get rid of some of the overpaid old people without any risk of lawsuits if you offer early retirement packages.
Paul, how about asking people to voluntarily get laid off? You might find the response surprising.
The first phase of unlocking our full potential focused on cost reductions and realigning our workforce, which was painful but necessary.