Key insights
- An anonymous post alleges Intuit layoffs were conducted seemingly randomly, impacting high-performing engineers and employees on leave, while sparing underperforming teams and those with projects offshored. The poster suggests this indicates financial desperation and poor management, predicting a decline in Intuit's stock price. This may signal potential internal issues, but the impact on US equities is limited without broader confirmation.
I posted my fundamental views on the company long ago here
https://www.reddit.com/r/ValueInvesting/s/fmO8evAwiN
From what I got to know while sitting with an employee who got laid off, there is no pattern to the whole exercise
Exceptional engineers FIRED
Women on maternity leave FIRED( God no ethics here)
Team with no project currently because it was sent to India SAFE
Engineers who are average performers SAFE
H1B safe and fired
Citizens safe and fired
Green card holders safe and fired
One manager got fired while his team is all safe
It seems that the whole exercise was to cut salary budget and someone ran an algorithm to select people and balance all kinds of demographic variables to ensure that the company does not get sued for discrimination of any kind
Managers of all levels were kept in the dark till the last moment.
How the hell a company fires people in such desperation that they let go of their good employees.
This is just a very bad sign for the future of the company, nonetheless it reminds me of me getting laid off 2 years before the company went bankrupt, I always feel thankful to my manager who got me on the list so that I could get a generous severance.
I just see the story repeat all over again, a different sector a different company, but TECH.
I just see the stock slowly declining to 0 now
No amount of token spend can save it.