JNJ’s Business Health & Remote Office Politics 7/19/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 19 July 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Johnson & Johnson beat analysts’ estimates on the strength of its pharmaceuticals unit despite the company cutting its profit forecast due to a stronger dollar. CFO Joseph Wolk blamed the forecast cut on currency fluctuations, pointing to the parity between the euro and the dollar. As the job market starts to cool down and companies begin to look for ways to save with a possible recession on the horizon, there is a renewed return-to-office debate. CNBC’s Hugh Son reports on slowed hiring at Goldman Sachs, and Harvard Business School professor Tsedal Neeley whether business leaders need to keep hybrid work to retain top talent, and if remote workers are at higher risk of being cut. In this episode: Hugh Son @Hugh_Son Tsedal Neely @tsedal Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @Andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.
0:08.0	Wall Street has a revenue problem.
0:11.0	Employees better look out.
0:12.8	cuts are coming.
0:13.9	C. M. C. S. Huesun reporting.
0:15.7	Yeah, I think the jig is up when it comes to remote with a collapse in revenues,
0:19.4	and they're going to look at taking a head count down across these businesses that have suffered.
0:24.0	And a strong US dollar hurting global companies, the maker of Band-Aid in Tylenol,
0:28.7	Johnson and Johnson cuts guidance while selling a lot of meds and dealing with a COVID surge in China,
0:34.7	J&J CFO Joe Wolk.
0:36.5	We think we're managing through all the uncertainty.
0:40.5	Plus, the first court hearing between Twitter and Elon Musk, it begins.
0:45.0	And U.S. tech hits a turning point at IBM where times are tough and on Capitol Hill where chips are the talk of the swamp.
0:52.0	Ten chips for every man, woman, and child on the planet.
0:55.0	We're doing more than our fair share.
0:56.0	How many you have?
0:57.0	All I know is I got a brand new iPhone that's battery is now 86% effective.
1:01.0	It's Tuesday, July 19th, 2022. Squack Pod begins right now.
1:07.0	Stand back you by in three, two, one, fuel brief.
1:11.2	Good morning everybody.
1:12.2	Welcome to Squack Box here on
	...

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