Microsoft trims jobs as it enters new fiscal year | Tech News

Microsoft trims jobs as it enters new fiscal year

Microsoft said it would close its retail stores and take a related pre-tax asset impairment charge of $450 million amid the ongoing coronavirus outbreak.

By:REUTERS
| Updated on: Aug 20 2022, 22:02 IST
Microsoft's revenue rose 15% to $35.02 billion in the third quarter while net income rose to $10.75 billion, or $1.40 per share.
Microsoft's revenue rose 15% to $35.02 billion in the third quarter while net income rose to $10.75 billion, or $1.40 per share. (REUTERS)

Microsoft Corp said on Thursday it had trimmed its workforce across geographies and teams as it entered a new fiscal year from July 1.

The Washington-based software giant declined to elaborate on the roles which had been eliminated, their numbers or their locations.

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Business Insider had earlier reported that the company cut under 1,000 jobs across its business this week.

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The company cut roles at its online news portal MSN.com, as it shifted to an AI-powered algorithmic feed, according to the report, which added that jobs were also cut in the Microsoft Azure cloud division.

Late last month, Microsoft said it would close its retail stores and take a related pre-tax asset impairment charge of $450 million amid the ongoing coronavirus outbreak.

The spokesman said it is common for the company to re-evaluate its business as it enters a new fiscal year.

In 2017, the company cut thousands of jobs around the same time as it underwent a reorganization that impacted its sales and marketing teams.

Late in April, Microsoft's third-quarter results beat Wall Street sales and profit expectations, powered by sharp demand for its Teams chat and online meeting app and Xbox gaming services as the world shifted to working from home because of the pandemic.

The company's revenue rose 15% to $35.02 billion in the third quarter while net income rose to $10.75 billion, or $1.40 per share.

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First Published Date: 17 Jul, 19:03 IST
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