New fiscal results are out on Wednesday . Wonder if it will be more profit for the top dogs to drain out of the company and away from any increase this year . F*ckers
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so results even worse than analysts forecast
https://dxc.com/us/en/about-us/newsroom/press-releases/02012023
- 8% drop in revenue, and net income down to just $61M (barely half last Q3's disastrous result)
Both GBS and GIS in freefall, GIS was expected (14.7% revenue decline with both "modern" workplace and cloud & ito the star shrinkers) but now GBS has resumed its rapid shrinking (10.7% this quarter). That will make it hard to sell the company to private equity!
Fully year forecast now down to $14.5B revenue so a $2B+ drop on last year.
Looking forward to Mr Shouty's spin to the analysts on "strong execution momentum" etc and having used the big cost reduction lever last few times ($500M cuts) he switches to the only other lever (more share buyback) this time ($400M) - so no plan no strategy just more of the same, cut, shrink, buyback shares to keep price static, shrink, cut ...
analyst consensus expect another 12.5% decline in revenue and a near 9% drop in earnings
so look for Mr Shouty to trumpet the continued "excellent execution momentum", some fantasy selective numbers showing something artificial is in fact "growing" and of course another large pay rise for himself and the execs
https://www.nasdaq.com/articles/analysts-estimate-dxc-technology-company.-dxc-to-report-a-decline-in-earnings:-what-to
Mikey needs to learn a lesson, if the profits are down he needs to take a pay cut from his inflated pay, not the employees who are underpaid. See below.
Goldman Sachs has slashed its chief executive’s pay packet by almost 30% after a turbulent year that resulted in one of the largest round of job cuts in the Wall Street lender’s history.
The bank revealed on Friday that David Solomon had been paid $25m for 2022, down from $35m a year earlier, after the bank revealed a 50% drop in annual profits following a slump in dealmaking. Solomon’s pay included a $2m base salary and $23m in bonuses.
Hey Gang
I know you wondering where we have gone.
We are living the dream, Me, Vinod, Mary, Chris drum, Kenny, and the rest of the gang.
We turn up 10 days in the years to do the necessary but otherwise we are on Holiday. So you won't get us on calls anymore, we can't handle your questions.
We will need to keep cutting as the company is only going one way, the strategy is to shrink it to nothing. How many quarters have I got away with that strategy and everyone sort of believes me?
Even managers keep on telling you it's getting better, if it really was I wouldn't be cutting everything lol.
Some of you are asking what happened to all the buzzwords growth, dxc simplification, cloud right, and PAY RAISES ha ha.
That was all play book to convince you folks whilst we swag bagged the big money.
The analyst won't even ask any tough questions they know the score and its its just about playing along in this drama.
Further update shortly, phew having to work on a Friday to update you lot, im fuming what has the world come to???
You people talk about the analyst being naïve. Look in the mirror. It’s amazing how many people are still sticking around and have expectations things will eventually change for employees. It is the way it is… forever.
FFS have they lost the return key on the Forward-Looking Statements, so hard to read.
https://investors.dxc.com/investor-news/news-details/2023/DXC-Technology-to-Report-Third-Quarter-2023-Results-on-Wednesday-February-1-2023/default.aspx
Hey Gang
You haven't heard from me for a while, just back from my world cruise.
Back to the grind got to ring up a few analyst and give the question to ask, and the answers to expect.
As you guys say all will look good on the outside but cuts on the inside.
I deserve more so will make I get 4 x inflation pay rise from you.
This time next year we will get growth, I mean could the year after, or the year after.
By then I won't be bothered, I'll take the golden handshake and head off.
Adios amigos....
You know how shxt it is when IBM are doing better financially!
It will good enough to warrant executive rewards but bad enough to stop rewards to staff
“It will be a bad quarter but somehow it will be spun in a positive manner.”
It’ll be just bad enough and just good enough that nothing miraculously changes.
This quarter both modern workplace and our proven winner platform-x will deliver excellent results!
Truly delusional as usual - both dead or dying - in fact latter has been dead for over 6 months since it was canned as part of the last lot of $500M cuts (look out for next round of same or larger size after these results)
We can expect the same mental gymnastics as we've always witnessed, like gaslighting and motte-bailey arguments.
It will be a bad quarter but somehow it will be spun in a positive manner. We will use the excuse of the downturn that other companies are seeing. Are the analysts from the big brokers really that naive, they get taken for a ride every time.
This quarter both modern workplace and our proven winner platform-x will deliver excellent results!
Will be the usual, tell one story to the analysts that all is well, and the turnaround is next quarter. Whilst the decline in turnover is run offs or renewals delayed not yet signed off.
To the staff the message is the same every quarter , eg the company is doing cr-p and we need to take from your wages so Mike and the execs can milk it dry.
It's just amazing that the shareholders and analysts keep falling for Mike's bull.