I keep hearing rumors about VBC being sold off and our engineers are leaving for Amazon and Google in droves. The financials s---, so wouldn't surprise me.
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All those long term contracts will home to roost when the CEO takes his payout and leaves. This is the vicious cycle of accounting scam from decades of misleading practices and misrepresenting numbers.
"Those agreements that Services has been signing over the last few years are going to come home to roost."
Buddy, you don't know THE HALF of it. Sales is so anxious to pen multi million dollar deals, they step over dollars to pick up pennies. Customers wind up COSTING money after 3-5 years.
You'd think with all of these MBAs, someone would be smart enough to either pull their head out of their a--, or have a window installed in their belly-button so they can see out (with... their head up their own a--). This isn't master's level Finance or Economics. I think they teach you this stuff in primary school now.
Veritas was scammed!! No way VBC is worth $1Billion. Whole portfolio is in decline.
.....aaand GE announced it is selling a bunch of its healthcare software businesses today (Apr 2, 2018) to Veritas. Looks like those rumors were true. I'm sure Veritas Capital had people looking at the business for months before announcing this deal.
Bunch of people were layoff in GE Healthcare-Chicago last week. Expecting more this week.
I heard from friend with over 30 years experience at GE that they payed off over 100 last quarter 2016 in the MR group.
Actually, healthcare is not "going strong". Those agreements that Services has been signing over the last few years are going to come home to roost.
Healthcare is going pretty strong now. GE will only make a few tweaks if deemed necessary for office consolidation. It is unfoturnate that most layoffs are still to come in power. With transportation targeted to be sold some consolidation may take place. Trans has already been hit over the past year but may even gain a few back from those that left for the horizontal transformation.
Flannery did not really do anything for healthcare but cut a lot of the fat. I give him credit but understand cutting cost is a temporary fix.
Matter of time. Hospitals going bankrupt, pharma companies laying off in droves, the industry is obviously in big trouble, which explains GE's financials.