Watching the meeting today the CFO Tim just said that they are going to cut everything out of the business that does not directly result in profit. All indirect costs are being cut.
He mentioned transitioning into a "slimmer" business model that focuses only on financial returns. Apparently the stock price has not bounced back as expected and the management has been upset about the issue.
How do we retain top talent came up. Debra said that would depend on the management and them developing plans for people. It' cannot be just about the money.
The CEO was asked by the audience about the layoffs. He passed the blame to our customers who are hurting financially. He said the "employee actions" will be completed "by the end of November". He said he will not rule out more in 2021.