
15 Feb THIS WEEK’S WINNERS & LOSERS; WHY DO WE ALL SPEAK IN CORPORATE JARGON?
THIS WEEK’S WINNERS & LOSERS
After a bland start to February, week three of earnings season served up some interesting main courses – and we’re not just talking about Lyft…
In a challenging retail environment, JB Hi-Fi beat forecasts to deliver first-half sales of $5.1bn billion. Investors couldn’t care less about the retailer’s interim net profit falling 20 per cent, with the share price rocketing to an all-time high. Temple & Webster joined the party, posting record revenue for the half while crossing the one million active website customers mark.
CBA’s Matt Comyn carefully navigated his bank’s $5bn billion half-year profit given widespread economic pain in the community, while Macquarie boss Shemara Wikramanayake reported a drop in net profit after tax. The more interesting news of the day was head commodities and global markets, Nicholas O’Kane’s decision to leave the Millionaire’s Factory after 28 years.
CSL posted a better net profit of $2bn, which alleviated some pressure following a disastrous drug trial failure announcement a day prior. Seven West Media’s profit plunged 52 per cent amid an industry-wide downturn in advertising. It wasn’t all bad for Kerry Stokes, with Seven Group revenue jumping 17 per cent to $5bn for the period.
00PS!
Lyft CEO David Risher has learnt the hard way that accuracy is everything.
On Wednesday, ride share company, Lyft’s share price rose 67 per cent after it released its fourth quarter earnings announcement that said the company would see a margin growth of 500 basis points, or 5 per cent in 2024. This was seen as a significant increase for that business which has been struggling to make a profit.
In reality, however, Lyft expected it margins to grow only 50 basis points, with the extra zero being an accidental typo.
Risher’s response to the mistake: “My bad.”
WHY DO WE ALL SPEAK IN CORPORATE JARGON?
Corporate jargon continues to proliferate our everyday. Whether you are ‘circling-back’ or ‘boiling the ocean’, why do we speak like this and where does the lingo originate?
According to the BBC, much of today’s white-collar slang emerged following the cultural and professional integration of military veterans returning to the business world following the second World War. The language found a natural home in our vocabulary given its alignment with strategy and discipline, but it is now having a negative impact.
Research suggests the use of this waffle can make workers – particularly those who are younger – feel excluded or insecure in professional environments. What is more humorous is how industry pundits now refer to its use as ‘human peacocking’ and a way to quickly boost status or prove credibility.
While corporate jargon may be here to stay in the short-term, maybe we should all consider the importance and value of simplicity in communication.
HOW CLEARER COMMUNICATION WILL HELP SAVE ESG
In today’s corporate landscape, Environmental, Social, and Governance (ESG) reporting has evolved into a somewhat formidable undertaking.
This week, Cannings Senior Consultant Tom Scambler delves into the importance of communication among key stakeholders to effectively navigate the ESG landscape.
You can read his blog article here.
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