Business
Microsoft Reports Profit Growth Days After Announcing Layoffs
BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Microsoft announced a significant profit increase and quarterly revenue growth just days after revealing plans to lay off thousands of employees as part of a cost-cutting measure driven by shifts in demand and AI investments.
- Microsoft announced that its profit for the three months ending in September grew by $36.6 billion compared to the previous year.
- The company announced on Monday that it would lay off 60,000 employees as a cost-cutting measure.
- Microsoft shares rose by 2.9 percent on the New York Stock Exchange on Wednesday following the announcements.
- Major tech companies like Amazon, Meta, and Alphabet are estimated to spend $700 billion this year on AI chips and infrastructure.
- Microsoft's quarterly revenue grew by 19 percent compared to last year, reaching $92.3 billion, driven by its data center operations.
- The company announced a voluntary layoff program for select employees in Canada, India, the United Kingdom, and the United States due to shifts in demand.
- Microsoft currently employs 220,000 people worldwide and stated it will offer financial and career support to affected employees.
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