The stock imploded 3 weeks ago and $70 Billion of market value wiped out in ONE day, now all these draconian cost control measures are being implemented and they are also desperately rolling out the "Next Step" program again to try and get rid of as many people as possible to leave by the end of 2026. Then you have the hapless CEO who always talked and bragged about the stock price being at $300 or higher, suddenly saying "stock price isn't everything"...the writing is all over the wall.
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they are also desperately putting people on PIPs and firing them to try and reduce headcount without having to pay out one cent...you can smell the desperation..
@kr this whole turn of events really is exposing how bad our leadership really is at all of this. It is a clear case of “the emperor had no clothes”
You all have a delusional CEO at the helm, too.
Can't even keep the stock up with normal, classical computing where everything is fairly deterministic. He has to go on Jim Cramer's mad money and spout a bunch of delusional quantum computing bullsh-t.
You can't make this sh-t up. Its like a child drowning in the shallow end of the people claiming they are ready to go into the deep end.
What also is concerning is how Arvind preannounced that the 2nd quarters financial results were going to be down. This was not the first time IBM had a significant earnings or revenue miss so why the preannounce?
People act like this is something new. This has been going on for a long time. It has gotten progressively worse year over a year with this current regime in charge.
In every way shape and form things have gotten worse. From product quality., to customer satisfaction, to employee morale, to the axing of experienced and productive employees to save money. . They used to be able to explain it away with smoke and mirrors. By deflecting to the next great thing. By trying to convince the analysts that the next great things are coming soon . That they are on the cutting edge of the latest technology. This was all BS to keep the stock price is high, So the executives could rake in the dough. .
I worked at Ibm for 18 years . I finally had to get out about two years ago. The toxicity and work environment was getting uglier by the day . I’ve never been happier to be gone..
Good luck to all of you who hang in there . . The ship is sinking. It’s only going to get worse. I know the job market isn’t ideal for tech right now . But Get your résumé together. Start looking . You may not be included in one of the lifeboats as the ship goes down.
@a6 he did that the morning after thousands of employees received RSUs for retention incentives. I don’t believe it was coincidence.
We can all agree that things are bad and he is doing a horrible job? And stop pretending the future is great and optimistic?
AK is a BS artist, and not a very good one
Arvind should never have preannounced the numbers would not be there. He really blew it.
"I have cut this pipe in half but it is still too short!"
- Old Plumbers joke
@OP he did change his tune wicked fast. Look let’s be honest he doesn’t know what he is doing and is a poor choice for CEO.