Microsoft reports 0M in layoff expenses
Severance packages from a wave of layoffs drove the sharp increase in administrative expenses for Microsoft Corp. (Nasdaq: MSFT) last quarter, the ...
Severance packages from a wave of layoffs drove the sharp increase in administrative expenses for Microsoft Corp. (Nasdaq: MSFT) last quarter, the company disclosed in its latest earnings report. The Redmond-based tech giant said that during the last three months of 2022, it recorded $800 million in employee severance expenses "related to job eliminations as part of an ongoing employee benefit plan." The company said on Jan. 18 that it was eliminating 10,000 jobs through the end of March. Those severance expenses were part of $946 million in costs the company didn't have in the same quarter in 2021.