10 Companies Making A Killing After Laying Off Their Employees

ford mullaly

It’s earnings season around the world.  Many companies have beat analysts’ estimates and sometimes even their own expectations.

A few of those companies that are now happy with their earnings have cut jobs to do it. Laying off employees can obviously slash expenses and generate more profit (although Verizon recently put the blame on its quarterly loss on the cost of firing 11,000 people).

We looked at businesses that had beat analysts’ estimates in their last quarterly results and checked if some of them had cut jobs in the past 12 months.

Find out for whom letting go personnel hasn’t been a disadvantage.

Ford

Layoffs: 1,000 job cuts announced in February 2010

Q2 results: 68 cents a share

Analysts' estimates: 41 cents a share

Siemens

Layoffs: 1,590 job cuts announced in January 2010

Latest quarterly results: $3 billion operating profit in Q3 2010; yearly outlook raised

Analysts' estimates: $2.7 billion operating profit

Xerox

Layoffs: 2,500 job cuts announced in January 2010

Q2 results: 24 cents a share, with a $5.5 billion revenue, a two-per cent increase

Analysts' estimates: 21 cents a share

Sallie Mae

Layoffs: 2,500 jobs cut in April 2010

Q2 results: 39 cents a share excluding items, with a earning of $337.8 million

Analysts' estimates: 29 cents a share excluding items

BASF

Layoffs: 3,700 job cuts by 2013 announced in July 2009; most them were to be completed by the end of 2010

Q2 results (ending June 2010): $1.53 billion net profit, up from $445 million a year earlier

Analysts' estimates: $1.28 billion net profit

Wells Fargo

Layoffs: 3,800 employees job cuts announced on July 7, 2010

Q2 Results: 55 cents per share, with a net income of $3.06 billion

Analysts' estimates: 48 cents per share

Microsoft

Layoffs: Over 5,800 jobs cut, with 5,000 layoffs announced in January 2009 to be completed in 2010; 800 additional layoffs announced in November 2009 and a smaller scale layoff round in June 2010

Latest quarterly results: 51 cents a share, beating analysts' estimates

Analysts' estimates: 46 cents a share

Pfizer

Layoffs: 6,000 job cuts announced in May 2010

Latest quarterly results: 60 cents a share

Analysts' estimates: 53 cents a share

Hewlett-Packard

Layoffs: 9,000 job cuts announced in June 2010, on top of the 25,000 jobs cut announced in 2008, to be completed in 2011

Q2 results: $1.09 cents a share, with $30.85 billion revenue

Analysts' estimates: $1.05 a share, with $29.82

Bank of America

Layoffs: 30,000 to 50,000 job cuts announced in December 2008 for the following three years

Q2 results: 28 cents a share, with $3.12 billion net income

Analysts' estimates: 23 cents a share

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