The news: Apple on Tuesday launched an online store on Tencent-owned WeChat, the Chinese social media giant, in a bid to reach more customers in the world's second largest economy. Microsoft has poured billions of dollars into research laboratory OpenAI, the creator of ChatGPT, and has incorporated generative AI technology into some of its products. However, anything the company can do to maintain margins as they ramp up investments in artificial intelligence is welcome news. This round of Microsoft layoffs is much smaller than the cuts the company announced earlier this year, so it probably doesn't move the needle. Many have addressed this issue by laying off workers, cutting back on capital expenditures or a combination of both. The Club's take : Our view for most of 2022 through this year has been that the cost structure of all the mega-cap tech companies became too bloated following years of over-hiring and overspending. Shares of Microsoft closed up around 0.2% Tuesday, at $332.47 apiece. The deal has faced backlash from regulatory authorities over qualms that it could stifle competition. "We will continue to prioritize and invest in strategic growth areas for our future and in support of our customers and partners." Separately, a federal judge on Tuesday denied the Federal Trade Commission's (FTC) motion for a preliminary injunction to block Microsoft's nearly $69 billion planned acquisition of video-game maker Activision Blizzard (ATVI). "Organizational and workforce adjustments are a necessary and regular part of managing our business," a spokesperson said in an email to CNBC, declining to comment on exactly how many employees would be let go. Microsoft previously announced 10,000 layoffs in January. The news: Microsoft on Monday confirmed plans to conduct another round of layoffs, axing at least 276 roles in departments like sales, service and support, according to a local government filing in Washington. Here's a breakdown of this week's news around Microsoft and Apple, along with our take, too. Microsoft's market cap is currently $2.46 trillion. Meanwhile, WedBush recently forecasted that Microsoft could also join the $3 trillion club by early 2024 on the back of its artificial intelligence capabilities. Apple surpassed a $3 trillion market capitalization last month, but has since pulled back to a valuation of $2.94 trillion. The tech-heavy Nasdaq Composite has climbed nearly 32% over the same period. Microsoft and Apple have both seen huge gains in 2023, up 38% and 49% year-to-date, respectively. ![]() The moves should bolster efficiency at both firms, amid an already-stellar year for the two Club holdings. ![]() Microsoft (MSFT) and Apple (AAPL) are in the headlines, with the software giant confirming a fresh round of job cuts and the iPhone maker announcing a new foray into China. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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