So far it's been 1300 souls....
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We are up to abt 1400 souls now. And I'm very ashamed that I once believed in this company
Soon we will know… thanks to magical telemetry that will ridiculously easy solve all problems with products!
Question: if RTO is that important to them, why do they keep hiring remote people? Isn't that a little contradictory?
"zero-cost staff reduction strategy"
ELT doesn’t care about individuals. They care about share price and shareholders. They can always hire cheap labour in India.
@2tsp+1qPKuUGa, our team has heard behind closed doors that enforcing the new RTO policy is a "zero-cost staff reduction strategy" and is currently being used by many other competitors as well...
@buc+1qPKuUGa, do you think everyone who didn't meet the RTO requirements the past couple quarters are going to be laid off? That doesn't make any sense and is silly.. Are they only going to keep remote employees (and those who adhere to the RTO policy) because the don't have that requirement then?
I wonder what bonuses were received by the executive team?
How can a company call itself successful when they lay off employees...
been here for a long time. Keep in mind 6,500 employees are a lot for a company that hasn't changed much since 2010. This company could probably operate more efficiently with 50% reduction, sadly. A lot of people in support and product working on legacy systems.
MBO attainment is different this quarter... many people in low 80% attainment but a few who are at 130%... interesting. measuring performance more?
Is the VP a VP level (e.g., actual VP title), or RVP, SVP, or EVP? Also, what EVP do they report into?
employee bonuses on the way. nah. just more layoffs
Once they start pulling the layoff lever it's a reliable tool in the toolbox when they can't deliver real gains.
I must've had my head in the sand and thought we were past lay-offs at this point, but my VP just asked me for a list of employees on my team who are 1) Not meeting the 30 day RTO requirement and 2) underperforming in Q1 and Q2. I'm in the Tower and this same VP asked me for this same list, minus the RTO portion, last February before the major RIF in April...
To keep those GAAP and non-GAAP operating margin improvements looking so pretty (13% and 26% respectively from last numbers), he's going to have to move everything to India or Mexico. Product revenue dropped 10%! So a good deal of the EPS beat comes from the layoffs and other cost cutting measures. It really does look like the jump you'll see in the short term stock price comes from the agony of laying off the people who made F5 products worthwhile. Maybe ELT can fix it, but they'll ki-l the patient to cure the disease at this rate.
From GuruFocus research on F5 stock:
- * Revenue: Slight decline to $693 million, a 1% decrease from Q1 FY23.
- * GAAP Operating Margin: Improved significantly to 23.8%, up from 13.0% in Q1 FY23.
- * Non-GAAP Operating Margin: Increased to 35.5%, up from 26.5% in Q1 FY23.
- * GAAP Earnings Per Share (EPS): Grew 93% to $2.32, compared to $1.20 in Q1 FY23.
- * Non-GAAP EPS: Rose 39% to $3.43, up from $2.47 in Q1 FY23.
- * Product Revenue: Declined by 10%, with a notable 22% drop in systems revenue.
- * Services Revenue: Increased by 7%, indicating a shift towards service offerings.