Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By Staff Reporters
***
***
Microsoft shrank its workforce in July and October 2022 and eliminated open positions and paused hiring in various groups. While technology peers Amazon.com Inc., Meta Platforms Inc. and Salesforce Inc. have announced cuts by the thousands in the past few months, Redmond, Washington-based Microsoft has so far been taking smaller steps to deal with a worsening global economic outlook and the potential for a protracted slowdown in demand for software and services. However, Microsoft could announce wide-sweeping layoffs within the next few days. The possibility of the tech giant laying off a significant part of its workforce was first reported by Sky News and later corroborated by Bloomberg. Sky put the number of the cuts at approximately five percent of the company’s 220,000-person workforce or about 11,000 employees total. Bloomberg said it couldn’t find out the scale of the layoffs but reported they would affect “a number of engineering divisions” and that they’re set to be “significantly larger” than other rounds of job cuts undertaken by Microsoft over the last year.
***
Meanwhile, U.S. stocks ended mostly lower with the Dow Jones Industrial Average snapping a four-day win streak after Goldman Sachs reported poor earnings results. The S&P 500 also ended lower, but the NASDAQ Composite eked out a gain as investors focused on whether the early 2023 rally has legs.
- The S&P 500 shed 8.12 points, or 0.2%, to end at 3,990.97
- The Dow Jones Industrial Average fell 391.76 points, or 1.1%, to finish at 33,910.85
- The NASDAQ Composite gained 15.96 points, or 0.1%, ending at 11,095.11
Q4 earnings season continued to heat up, with investors sifting through differing results from Dow member Goldman Sachs and Morgan Stanley, while Travelers Companies warned that its upcoming results will be lower than forecasts. The economic calendar started off a bit slow before beginning to heat up tomorrow, but today a read on New York manufacturing showed an unexpected tumble for January.
Treasury yields were mixed, and the U.S. dollar gained ground, while crude oil prices advanced, and gold traded to the downside.
Asia finished mixed, and markets in Europe also diverged, following a flood of economic data, notably out of China.
CITE: https://www.r2library.com/Resource/Title/0826102549
***
***
COMMENTS APPRECIATED
Thank You
***
Share this:
Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, Experts Invited, Investing | Tagged: asia, Bloomberg, DJIA, Goldman Sachs, microsoft, Morgan Stanley, NASDAQ, S&P 500, Sky News, tech layoffs, Technology, treasuries |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
MSFT
Microsoft prepares the pink slips.
The tech giant is following its peers and will reportedly lay off a large number of employees today: a rumored 5% of its workforce, equivalent to more than 10,000 people. CEO Satya Nadella recently said that Microsoft wasn’t “immune to the global changes,” and predicted a “challenging” next two years.
Still, Microsoft isn’t totally hunkering down. It’s currently prepping its largest startup investment ever: $10 billion into ChatGPT creator OpenAI.
Alice
LikeLike
GOOGLE
Google just announced significant layoffs with plans to cut approximately 12,000 jobs, joining other tech giants like MSFT who are downsizing staff by the thousands.
Sundar Pichai, CEO of Google and parent company Alphabet, confirmed the layoffs in an email sent to Google employees, which was later published in a Google blog post. The job cuts will reduce the company’s workforce by about 6%.
Vitek
LikeLike
Reality?
Microsoft hired 40,000 people from June 2021 to June 2022. So after the recent layoffs, it’s still up 30,000 employees (or more than one Visa) in 18 months. Alphabet’s 12,000 layoffs represent ~33% of the 36,751 staff it hired in the single year to September 2022. Meta hired more than 26,000 employees in 2020 and 2021; it recently cut 11,000 jobs.
Richard
LikeLike