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Cisco announces record revenue and 4,000 layoffs in the same day (arstechnica.com)
submitted 4 months ago by to c/technology@lemmy.world
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[–] 12 points 4 months ago (8 children)

Who are you kidding?

Record profits > "We need to lay off workers to keep these numbers going up."
Not record profits > "We need to lay off workers to make these numbers go up."

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  • [–] 7 points 4 months ago* (2 children)

    CEO: I need the highest possible performance otherwise the board will fire me.

    Board: We need the highest return otherwise we’re not willing to support the CEO.

    Fund managers: We need to only invest in the most profitable ventures, otherwise people will move their money out of the fund I’m managing.

    Pension companies: We need to only put our money in the most high performing funds.

    You: I need the best return on my pension so I can retire as soon as possible.

    If you’ve ever moved saved money to an account offering higher interest or performance, you’re part of this. I’m not saying that to blame, but people often don’t connect their own behaviour with the behaviour of the market.

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  • [–] 2 points 4 months ago (1 child)

    I agree. The stock market was a mistake

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  • [–] 2 points 4 months ago

    Agreed. I participate as a thoughtless investor trying to maximize the growth of my savings but I hate that I have to even bother. Extra work, some guilt or anxiety around whether you made the right choices, and more complicated taxes. I think it’s horseshit that I’m effectively obliged to play in this casino the ruling class set up, just so my money retains its value against inflation.

    I’m not against my money being used to grow businesses. But then just let the bank deal with it and pay me a fair interest rate for lending it to businesses. I still haven’t been given a good answer as to why the stock price of a company should have any effect on its day to day operations or revenue generation.

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  • [–] -3 points 4 months ago (4 children)

    That doesnt even make sense

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  • [–] 6 points 4 months ago (3 children)

    congratulations on finally getting on the same page as the article and the rest of us

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  • [–] -3 points 4 months ago (2 children)

    So you think Cisco is shrinking its workforce?

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