Microsoft cuts jobs in 'strategic alignment'
Other companies that have recently laid off employees include Twitter, Redfin, Coinbase, Netflix, Tesla
Consumer recession will happen soon: Former Toys 'R' Us CEO
Former Toys 'R' Us CEO Gerald Storch warns of a looming recession amid consumer slowdowns and high inflation.
Microsoft has laid off a "small number" of employees on Monday as part of a "strategic alignment."
"Like all companies, we evaluate our business on a regular basis," a Microsoft spokesperson told FOX Business in a statement. "We continue to invest in certain areas and grow headcount in the year ahead."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 414.12 | -0.54 | -0.13% |
The spokesperson declined to disclose the exact amount of employees who were let go, but noted that they were spread across more than one team and geography. As of March, Microsoft reported more than 180,000 employees in over 100 countries.
SMALL BUSINESS SENTIMENT PLUNGES TO 48-YEAR LOW AS INFLATION WORRIES MOUNT
In June, the tech giant cut its fourth-quarter revenue and profit guidance for fiscal year 2022, citing "unfavorable" foreign exchange rate movement.
The Microsoft headquarters campus in Redmond, Washington. (iStock / iStock)
Microsoft forecasts net income in the range $16.85 billion to $17.43 billion, or diluted earnings per share of $2.24 to $2.32, down from previous guidance of $17.10 billion to $17.67 billion, or diluted earnings per share of $2.28 to $2.35.
Total revenue for the quarter is now expected to fall within the range of $51.94 billion to $52.74 billion, down from $52.40 billion to $53.20 billion.
CLICK HERE TO READ MORE ON FOX BUSINESS
Microsoft isn't the only company laying off employees.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TWTR | NO DATA AVAILABLE | - | - | - |
A Twitter spokesperson told FOX Business that it has restructured and reduced its talent acquisition team to align with its "revised business needs." In May, the company paused most hiring and backfills ahead of the closing of Elon Musk's $44 billion acquisition of the social media platform.
Musk has since terminated the deal, alleging Twitter appears "to have made false and misleading representations" and "breached" multiple provisions of the initial agreement. Twitter called the "purported termination" by Musk "invalid and wrongful," adding that the billionaire "knowingly, intentionally, willfully, and materially breached" the agreement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RDFN | REDFIN CORP. | 7.80 | -0.17 | -2.13% |
| COIN | COINBASE GLOBAL INC. | 309.28 | -10.73 | -3.35% |
| NFLX | NETFLIX INC. | 882.75 | -1.10 | -0.12% |
| TSLA | TESLA INC. | 343.50 | +1.47 | +0.43% |
Other companies that have laid employees off include Redfin, Coinbase, Netflix and Tesla.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 557.09 | -8.43 | -1.49% |
| SPOT | SPOTIFY TECHNOLOGY SA | 469.30 | -0.94 | -0.20% |
| UBER | UBER TECHNOLOGIES INC. | 70.50 | +0.90 | +1.29% |
Meanwhile, Meta Platforms said it would freeze hiring for most mid-to-senior level positions, Spotify said it will slow down hiring by 25% and Uber said it would "treat hiring as a privilege."