Microsoft Releases Earnings Early: Quarterly Profits Drop, Confirms Job Cuts
Microsoft surprised Wall Street by announcing their earnings early today. They were scheduled to announced their earnings at 5:30pm EST/2:30pm PST, after the closing bell.
Unfortunately, they had negative news to report. Their quarterly profits were down (despite a slight increase in revenue), which sent the stock down by 7% in early trading.
As a result, Microsoft will be laying off 5,000 people. 1,400 will get the pink slips today. Rumors and reports of Microsoft layoffs have been swirling for weeks.
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