I attended Flannery Monday meeting and notice that digital wasn’t represented in the Preliminary revenue recognition standard transition impact: 2017 slide. Cannot be an oversight, why leave it out?
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I thought the mention of GE Digital was the ($) entry for software capital expense. By being charged with creating a permanent software infrastructure for GE, the entire cash-soaking enterprise can be lumped together as an expense rather than a loss.
Flannery has all-employee broadcast 7:30-8:30 EST on Thursday. Don't think moving boxes would show up right after, but a date with HR may.
QeGoYim-1skl. I agree its not being reported first test of JF integrity and financial rigour. Prefix estimates are already down reality will bite.
So Det hub is asked to meet in auditorium and conf rooms real early on Thursday am. People will return to their desks to find moving boxes? This is how it rolls.
Corporate Boston is confirmed to be cut 25%, but it is a question whether Digital is part of that. Miller also mentioned 25% cut in GGO, but there was no mention for GO.
@1tvj good luck finding any clarity on GE Digital P&L. GE accountants selectively leak out "digital revenues" or "software-related revenues" or "Predix-powered revenues" but keep the unit's overall financials pretty well shrouded. SEC filings break out the industrial verticals (power, renewable energy, oil & gas, aviation, healthcare, transportation. lighting) + GE capital
Digital is a P&L so it should report out. When it was TSG or GIS and the million other forgettable names and acronyms which were not.
The 25% moron
https://www.rte.ie/news/business/2017/1113/919680-general-electric-to-cut-dividend-in-half/
Fire all those clowns in the Brendamour Building. They contributed nothing.
There was a stated cost reduction of $400 million for GE Digital. Depending on location/cost, this implies a headcount reduction of between 1800 and 3000 staff.
More cuts coming based on negative investor response to today’s meeting and due to likely revenue shortfalls in GED in early 2018. Keep that resume ready or find something else in Aviation or Healthcare.
GE never directly reports out GE Digital in its financial statements. @hnx Flannery said 25% cut to corporate in 2018. My guess mostly away from Digital in research, HR, marketing, etc.
Flannery also gave a solid update on Predix revenues, wonder if anyone else caught his figure (it's still much more than I would think)
Who said 25% cut moron?
Digital is overhead and was lumped with HR, Corporate ... Are group is part of the 24000 employees that will take a 25% cut or 6000 employees. If you are digital's 14000 employees that is about 3500. Probably spread out over 2018. Hopefully people are take this other opportunity to look elsewhere. At least 3 years of low raises and bonuses. Good Luck to us all.
It looks more like a supporting function now, alongside with HR, communication, and research, etc.