Tuesday 31 January 2023
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business-standard - 6 days ago

Microsoft, amid layoffs, says quarterly profit declined 12% to $16.43 bn

Microsoft on Tuesday reported a 12% drop in profit for the October-December quarter, reflecting the economic uncertainty it said led to its decision to cut 10,000 workers. The company reported quarterly profit of $16.43 billion, or $2.20 per share. Excluding one-time items, the company based in Redmond, Washington, said it earned $2.32 a share, which topped Wall Street expectation for adjusted earnings of $2.29 a share. The software maker posted revenue of $52.75 billion in the October-December period, its second fiscal quarter, up 2% from the same period a year ago. Analysts polled by FactSet expected Microsoft to post revenue of $52.99 billion for the October-December quarter. Microsoft last week blamed macroeconomic conditions and changing customer priorities for its decision to cut nearly 5% of its global workforce. It s one of a number of tech companies, including Google, Amazon, Salesforce and Facebook parent Meta, to announce mass layoffs. Microsoft s personal computing .


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