Microsoft, amid layoffs, says quarterly profit declined 12%
Microsoft has reported a 12% drop in profit for the October-December quarter, reflecting the economic uncertainty it says led to its decision to cut 10,000 workers
REDMOND, Wash. (AP) — Microsoft (MSFT) 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 such as $800 million to pay severance to laid-off employees, the company based in Redmond, Washington, said it earned $2.32 a share, which topped Wall Street expectations for adjusted earnings of $2.29 a share. Microsoft’s stock was up more than 4% in extended trading following the release of its earnings report.
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 quarter.
