Microsoft shares rose 4.5% in after-hours trading immediately after the results announcement, to a Wednesday opening bell valuation of $252.36 per.
Microsoft revealed intentions earlier this month to reduce about 5% of its global workforce and deduct $1.2 billion from its current quarter profits in order to ‘align pricing’ with customer demand and raise funding in areas including AI and other advanced applied sciences.
Microsoft said that the cutbacks, which it intends to complete in March, would result in the loss of around 10,000 employees and a 12% decrease in December quarter profitability, but that it will continue to invest in areas such as AI and various advanced applied sciences. In October, the company only expected “modest” personnel growth in the last three months of the year.
