This last quarter was pretty bad and the next one is expected to be bad too. Come March, do y'all expect another round of layoffs?
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They announced 10% but will cut more than that in order to increase profits (EPS, Earnings Per Share). They will do in this quarter itself and stop. No one else but top management can verify the cut %. They fire/layoff low rated employees all the time. This time it is other employees. Per them layoffs are the last resort but there is no fundamental problem with the business. It is a cyclical industry. CEO himself said the demand will be better in the 2nd half of 2023. During Covid years (2020-till now), they made record profits (EPS: 2.37, 5.14, 7.75, total: 15.26) and for the next year the projection is -1.48. So the Net EPS for 4 yrs is 15.26-1.48 = 13.37. Still positive. Source: morningstar.com. Next quarter in 2023 is a TEMPORARY problem but they are laying off PERMANENT employees. It should be handled temporarily by pay cut of all employees rather than layoffs.