Post by Born2BBruin on Apr 22, 2022 18:51:11 GMT -8
From my company's quarterly earnings announcement.
"China is now facing its worst outbreak since the beginning of the COVID pandemic. The epicenter, Shanghai, is the country’s economic heart and home to twenty-six million people. Authorities have closed offices, schools, public transportation and hospitals. Strict lockdowns in China’s largest city have been imposed to control the spread. During the first phase of the lockdown, regulators strongly recommended that all financial institutions maintain presence of a few employees in the office. The aim was to ensure stability of the financial markets and business continuity. On March 28th, three members of our Operations and IT teams [names deleted] stepped up with the expectation to be relieved by another set of volunteers after four days and nights. The local government, however, extended the shutdown indefinitely. Affectionately named 'Heroes of the Shanghai Office', our colleagues have been trapped at the office continuously now for 25 days.
The safety and wellbeing of our associates is our primary concern during this crisis. The local management team acted swiftly, overcoming all kinds of obstacles, to deliver essentials to the three trapped associates, unable to procure food, shower or change their clothes. Each of our Three Heroes fully exemplifies selflessness, a prominent attribute of [our] values. Our 94 other associates in Shanghai continue to work from home as residents across the city scramble for food and medicine. Local management has delivered groceries to each of our associates’ homes and has organized bonding activities such as daily check-in meetings, yoga and weekend cooking classes and contests to lift their spirits. We have also received the heartwarming news that all of our China associates and their families have been spared from infection so far. Please join me in wishing our colleagues safety, health, and peace."
FWIW, our quarterly earnings kicked butt. Q1-22 net income was $237.7 million, or $1.66 per diluted share, up 37% linked quarter annualized and up 16% year-over-year. Consumers may be getting killed in this economy, but it's big companies that are doing the killing.
"China is now facing its worst outbreak since the beginning of the COVID pandemic. The epicenter, Shanghai, is the country’s economic heart and home to twenty-six million people. Authorities have closed offices, schools, public transportation and hospitals. Strict lockdowns in China’s largest city have been imposed to control the spread. During the first phase of the lockdown, regulators strongly recommended that all financial institutions maintain presence of a few employees in the office. The aim was to ensure stability of the financial markets and business continuity. On March 28th, three members of our Operations and IT teams [names deleted] stepped up with the expectation to be relieved by another set of volunteers after four days and nights. The local government, however, extended the shutdown indefinitely. Affectionately named 'Heroes of the Shanghai Office', our colleagues have been trapped at the office continuously now for 25 days.
The safety and wellbeing of our associates is our primary concern during this crisis. The local management team acted swiftly, overcoming all kinds of obstacles, to deliver essentials to the three trapped associates, unable to procure food, shower or change their clothes. Each of our Three Heroes fully exemplifies selflessness, a prominent attribute of [our] values. Our 94 other associates in Shanghai continue to work from home as residents across the city scramble for food and medicine. Local management has delivered groceries to each of our associates’ homes and has organized bonding activities such as daily check-in meetings, yoga and weekend cooking classes and contests to lift their spirits. We have also received the heartwarming news that all of our China associates and their families have been spared from infection so far. Please join me in wishing our colleagues safety, health, and peace."
FWIW, our quarterly earnings kicked butt. Q1-22 net income was $237.7 million, or $1.66 per diluted share, up 37% linked quarter annualized and up 16% year-over-year. Consumers may be getting killed in this economy, but it's big companies that are doing the killing.
