First off, a note to analysts: What's with the, "Great quarter, guys!" I thought for sure this vestige of the bubble days would wither under the post-bubble Wall Street attack. No dice -- we appear to be stuck with it.
Other than the question of why you would say, "Great quarter, guys!" when clearly the quarter very well may have sucked, I ask: Why say it at all? It's downright annoying, suspicious, and utterly superfluous. Are you going to get a pay raise for flattering the people you're supposed to be grilling with incisive, calculating, analytical insight? Imagine if I started every article I wrote with, "Great quarter, guys!"
Analysts are supposed to analyze. They're not called complimentysts.
Here's my list of the Top Ten Conference Call Cliches and Euphemisms (with translations, where applicable):
- "Great quarter, guys!"
- "Could we get some more color on that?"
- "We'll continue to optimize our business model." (Translation: "We've got to find more folks to sack.")
- "We're seeing margin pressure." ("Damn, our competitors are selling stuff cheap!")
- "We expect earnings to be somewhat back-end loaded." ("We are busting our humps stuffing channels at the last minute.")
- "We expect there will continue to be some lumpiness." ("We actually don't have a friggin' clue what happens from day to day.")
- "The industry continues to go through some rationalization." ("We expect more people to go to jail or file for bankruptcy.")
- "At the end of the day..." (they hope to still have a job)
- "It's a developing market segment." (they haven't sold squat yet)
- "Great quarter guys!"
Actually, I'm quite certain that one has already been asked.
Great quarter, guys!
— R. Scott Raynovich, US Editor, Light Reading