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Another 3,900 staffers gone, 3 data centres to be closed, and yet DXC revenues keep falling

Geekz Snow 2019-08-09

Shares plummeted in after-hours trading, resulting in a market cap decline of nearly $3bn as revenues for the quarter shrunk by 7.4 per cent to $4.89bn from $5.28bn in the previous year.

The bad news continued with pre-tax income down to $206m from $360m a year ago.

The company fingered axe sharpening restructuring costs of $142m as a factor in the decline as well as $105m of transaction, separation and integration-related costs, and $138m of amortisation of acquired intangibles.

The result was diluted earnings per share down to $0.61 from $0.78.

CEO Mike Lawrie put a brave face on things, pointing to a digital pipeline growth of 80 per cent in 2019 and a faster than expected move to the cloud by clients, although one that has left the company with "stranded costs".

Ominously for nervous employees, Lawrie also said during the earnings call: "Our delivery team was also behind on its fiscal '20 cost improvement plan particularly on workforce actions in high cost countries," before admitting that "it is taking longer to eliminate the head count as we automate activities."

Maybe everyone in IT should go hiking every weekend

Geekz Snow 2019-08-09

IT support staff meets every week to discuss open requests and go over support tickets from the previous week.

The new CFO decides to sit in on one of these meetings, where one ticket that pops up for review is from a VP who requested support over the previous weekend because he was unable to log on to a system.

Pilot fish argues against the idea; the company isn’t in retail, and it’s closed on evenings and weekends.

But he adds, if the owners and senior management want to do it, IT can certainly plan accordingly.

That leads to more discussion, this time about expectations and compensation.

It’s generally agreed that responses would have to happen within an hour or two of a trouble call.

Lyft is raising prices — and it's going to hurt when you need it most

Geekz Snow 2019-08-08

The company reported second-quarter earnings that blew past Wall Street expectations, and the fare hikes will likely help that continue.

Lyft fares are getting more expensive, the company admitted Thursday, and the price increases are likely going to hurt your wallet when you most need a ride.

"Our guidance incorporates modest price adjustments that went live towards the end of June," Brian Roberts, Lyft's chief financial officer, told investors on a conference call following the company's second quarter earnings that handily topped expectations.

Read more: A 'warrior's warrior': Why insiders say the first-time CFO running Lyft's $20 billion IPO is the perfect fit

"More specifically, we began to adjust prices on select routes and in select cities based on costs and demand elasticities."

Lyft is likely not going to raise prices on routes where people might be dissuaded to take another form of transportation.

Lyft says ride-hailing price war with Uber is easing up

Geekz Snow 2019-08-07

(Reuters) — Lyft on Wednesday said a price war with rival Uber was easing, boosting shares of both companies and allowing Lyft to raise its outlook for the year and forecast a faster path to profitability.

That sent Lyft shares up 5% and shares of Uber up 3.8% in after-hour trade.

“We believe these price adjustments are an industry trend,” Chief Financial Officer Brian Roberts said on a call with analysts.

He said 2018 was likely the peak of losses for Lyft, an improvement from the company’s previous target of reporting its biggest loss this year.

Lyft shares temporarily turned negative after it announced plans to bring forward its lock-up period – the time after a public offering in which large shareholders are prohibited from selling shares – to Aug. 19 from Sept. 24.

Lyft estimated that about 257.6 million shares could become eligible for sale when the trading restrictions ended.