Preemptive probably to cushion the results on the 7th
Upstart is now a buy?
Bought, thanks for the insider info
Not yet. Auto is expanding fairly unsuccessfully. More rooftops but not enough volume, and all of the other bets are nowhere near as realistic. Layoffs were targeted low performers allegedly, but fundamental business reliance on 0 interest rate environment is the real problem. Auto layoffs were due to the prodigy product that was acquired being extremely buggy and dissatisfying to dealers - so they axed the people brought in to try to fix it. Basically shit leadership and decision making all the way down so tfwiw.
What does wave 2 mean? When is that happening?
Auto folks let go 2 weeks ago, next batch of layoffs announced yesterday and official on May 20. 2 waves of around 10%
Sorry to hear what is total employee count ?
Is there any future at the company if the rates don't change? Are you seeing any signs of growth at all or it's just a bust at this point?
Are results announced?