IBM in the Red After Bad Results (Shares Down in After Hours)
After some buzzwords and fireworks the stock rose a bit, but that did not last long. IBM was in the red yesterday, it's in the red today, and it is set to be in the red tomorrow.
Offshoring seems like the next move, RAs and PIPs are a given, and IBM's management does not deny the layoffs. Somebody lied about it and received this reply: "why do people say this? All the time? Is it an effort at sarcasm? There are RAs all the time and will be in the future no matter what. It’s this company’s only growth driver. RAs or chapter 11. It’s disgusting and terrible - like this company - but no CEO can say, ever, that there won’t be layoffs. "Under any circumstances. No lawyer would allow it, no PR person would allow it. They just can’t say that."
Another thread has explained why people of all ages will suffer. "It is very hard for employees at the beginning or in the middle of their careers," someone said. The reply? "It's very hard for any of us. Im in the middle of my career and it's going to su-k for me though I'll find something, but think about someone who is in their late 50s and NEED to work 6-7 more years to save and make some kind of decent retirement for themselves. Who's gonna hire them? Not many companies unless they have a specific need. The whole thing is pathetic. Early in my career here, I had a manager who made me a team lead and in charge of scheduling. He told me "remember - every name on this schedule isnt just a person. It's also their family." Nobody on the shtty executive team thinks this way. They dont give a sht."
Will the CEO step down, retire, of what else? █