LAYOFFS are coming. ATT Executives and Stankey have no answers and the stock is in free fall. Generating cash keeps this quasi bond product going and they adjusted downward big time. You can't miss that badly on an annual forecast and not be taken out back and beaten. They have no answers for growth and the whole customers delaying their payments was pure BS. There is far more to the story of decreasing cash flow such as business isn't what we thought it would be and TMUS is kicking our tail in the higher revenue generating customer segment. Pure spin but the adjustment downward was huge and the only response Stankey and his crew will have is more layoffs.
8 replies (most recent on top)
I agree, T stock is a bond substitute.
Now Zane Barnes was an executive. When he announced his retirement John Hayes was next in line. He was a leader. Ed was more political and got moved up 2 spots and bounces Hayes out of the President & CEO spot. What a disappointment.
Then Ed Whitacre started the decline by buying up telco's and putting the baby bells back together again. The rest of us knew that buying up SXS, X-Bar, 1E, 1A, and then a collection of DMS, 5E, Ericsson switches for Land Line was a mistake as the rest of the world and competition switched to VOIP or Cellular. As Ed was buying he kept complaining that he was being robbed because of "his pipes".A humpty dumpty exercise. His bad decisions set the stage and Handy Randy followed the same path along with "Trigger" aka John Stink. Billions upon Billions of dollars burned with the SBC, now AT&T strategy.
T has been in a freefall for several years now. Its not getting better. If you have the stomach for it then coast on the bare minimum and have fun. If you want out dont quit but just stop working until they lay you off.
They make the workplace toxic hoping older workers quit.
layoffs here at T is nothing compared to what going on at Facebook right now. So cheer up people. Glad to be working at T.
The employees don't want to leave if they don't have to, however, if they were given a choice to leave for a few months salary or stay, I think you would have a lot of takers. If the offer is never given, then people would remain complacent in their positions and stay for the long haul. It's really very simple, but T sees things differently and finds it necessary to treat its employees like garbage.
Employees are free to leave at any time.
I hope you're wrong with the layoffs expecting to commence this quarter! There are too many good people that would like to remain employed with T, but may not have a choice in the matter! I would gladly step aside for any management employee to remain employed if he/she still wants to. I just don't have a choice in the matter! T has no rhyme or reason as to how it reduces head count. At this point in time you would think T would give an opportunity to those that want to leave a severance package available to anyone. The money is there for payouts! Why not just go for it and let anyone who wants to leave, just go! The problem once again and has been for the last 8-10 years is the upper management!
Expect accelerated cutbacks the remainder of the year. Expect a hard press on sales to pull in any and all contracts. Expect any credits / adjustments to be scrutinized like never before and it will take much longer to get them approved (T making customers happy again).
Merry Christmas in July T employees!
The 3rd & 4th qtrs are going to be a sh*t show around here.
I’d like to personally thank Joe Biden for his ability to keep the USA on track.
But at least I know now that I’m supposed to buy a Tesla, add solar, triple insulate the house, use the proper pronouns when addressing Gen Z, and last but not least- allow my family to suffer while the economy sinks to new lows