Q3 Earnings Bloodbath Continues With Terrible Monsanto Results: Company Fires 2,600 As It Boosts Buyback
by Tyler Durden
ZeroHedge.com
10/07/2015
It had been quite a downcast start to the third quarter earnings season following very disappointing earnings from Illumina, Adobe and Yum Brand. Then Moments ago agri-giant Monsanto made it four out of four when it reported absolutely terrible results, cut guidance, but at least announced a new $3 billion stock buyback, one that will soak up all the company’s net cash flow. The cost of all of this: some 2,600 worker terminations.
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