Revenues at the lowest since 2006
– Net income $1.14bn vs $2.84bn y/y
– EPS $2.68 vs $2.48 exp
– Revenues -40% to $6.34bn vs $6.69bn exp
Cost cutting increased with operating expenses falling 29% to $4.76bn, more than the $4.99bn exp. Further cuts are said to be in the pipeline with job losses, rejecting spending on airfares, hotels and entertainment, unless it serves customers directly. They won’t be filling open positions and wil be spending less on printing pitch books and brochures.