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Sad Day For Microsoft: 5,000 Laid Off, Earnings And Revenues Down 6:36 AM PST · January 22, 2009
Here is the article.
In the midst of declining earnings, Microsoft announced today that it will be laying off up to 5,000 people over the next 18 months, or about five percent of its total workforce. Of that amount, 1,400 are losing their jobs today. Microsoft also says that it will continue to hire and that the net headcount reduction over the next 18 months should amount to between 2,000 and 3,000. The layoffs, along with salary freezes, the elimination of contract workers, lower marketing spending, and other measures are expected to reduce operating expenditures by $1.5 billion this fiscal year.
The company reported revenues of $16.6 billion in the quarter, a two percent increase but $900 million lower than it had expected. The stock is down 7 percent on the news. Also, in an admission of the great economic uncertainty facing all companies, Microsoft is no longer giving guidance for future earnings:
Due to the volatility of market conditions going forward, Microsoft is no longer able to offer quantitative revenue and EPS guidance for the balance of this fiscal year.
Full press release:
Microsoft Corp. today announced revenue of $16.63 billion for the second quarter ended Dec. 31, 2008, a 2% increase over the same period of the prior year. Operating income, net income and diluted earnings per share for the quarter were $5.94 billion, $4.17 billion and $0.47, declines of 8%, 11% and 6%, respectively, compared with the prior year.
Client revenue declined 8% as a result of PC market weakness and a continued shift to lower priced netbooks. However, strong annuity licensing drove Server & Tools revenue growth of 15%. Entertainment and Devices revenue grew 3% driven by strong holiday demand for Xbox 360 consoles with a record 6 million units sold in the quarter.
During the quarter, Microsoft showcased significant new product innovations by debuting Windows 7, Windows Azure, Office Web applications, Windows Server 2008 R2 and Office Communications Server 2007 R2. Microsoft also announced general availability of Silverlight 2, Exchange Online, SharePoint Online, Windows Small Business Server 2008, Windows Essential Business Server 2008 and a new release of Microsoft Dynamics NAV.
“While we are not immune to the effects of the economy, I am confident in the strength of our product portfolio and soundness of our approach,” said Steve Ballmer, chief executive officer at Microsoft. “We will continue to manage expenses and invest in long-term opportunities to deliver value to customers and shareholders, and we will emerge an even stronger industry leader than we are today.”
In light of the further deterioration of global economic conditions, Microsoft announced additional steps to manage costs, including the reduction of headcount-related expenses, vendors and contingent staff, facilities, capital expenditures and marketing. As part of this plan, Microsoft will eliminate up to 5,000 jobs in R&D, marketing, sales, finance, legal, HR, and IT over the next 18 months, including 1,400 jobs today. These initiatives will reduce the company’s annual operating expense run rate by approximately $1.5 billion and reduce fiscal year 2009 capital expenditures by $700 million.
Business Outlook
“Economic activity and IT spend slowed beyond our expectations in the quarter, and we acted quickly to reduce our cost structure and mitigate its impact,” said Chris Liddell, chief financial officer at Microsoft. “We are planning for economic uncertainty to continue through the remainder of the fiscal year, almost certainly leading to lower revenue and earnings for the second half relative to the previous year. In this environment, we will focus on outperforming our competitors and addressing our cost structure.”
Due to the volatility of market conditions going forward, Microsoft is no longer able to offer quantitative revenue and EPS guidance for the balance of this fiscal year. Microsoft offers operating expense guidance of approximately $27.4 billion for the full year ending June 30, 2009. This information supercedes the fiscal year 2009 guidance that Microsoft provided on Oct. 23, 2008. Management will discuss second-quarter results, and the company’s qualitative business outlook on a conference call and webcast at 8 a.m. PST (11 a.m. EST) today.
Top Stock Movers Now: Nvidia, HP, Best Buy, and More
Top Stock Movers Now: Nvidia, HP, Best Buy, and More
• 3h • 2 min read
• 3h •
2 min read
Key Takeaways
- U.S. equities gave up morning gains and were mixed at midday following a federal trade court ruling blocking some of President Donald Trump's tariffs.
- Nvidia posted better-than-expected results and gave an optimistic outlook for artificial intelligence chip demand.
- HP reported worse-than-expected results as the PC and printer maker said tariffs were hurting its business.
U.S. equities were mixed at midday, dropping from their morning highs after a federal trade court blocked some of President Donald Trump's tariffs. The S&P 500 and Nasdaq were up, the Dow Jones Industrial Average fell.
Nvidia (NVDA) shares advanced as the tech giant beat profit and sales estimates and said it sees growth in demand for its artificial intelligence (AI) chips continuing.
Shares of another AI firm, C3.ai (AI), skyrocketed when the software company reported better-than-expected results on higher demand for generative AI products, and renewed its contract with oilfield services provider Baker Hughes (BKR).
E.l.f. Beauty (ELF) shares took off when the beauty products maker also posted better-than-anticipated earnings and revenue, and announced that it had purchased the rhode skin care firm founded by model and socialite Hailey Bieber for up to $1 billion.
HP (HPQ) shares sank after the PC and printer manufacturer's profit and sales missed forecasts, and it reduced its guidance because of the impact of tariffs.
Also cutting its outlook because of tariffs was Best Buy (BBY), and shares of the electronics retailer tumbled. Starbucks (SBUX) shares fell on a downgrade from TD Cowen, which raised concerns about the coffee chain's profit expectations.
Oil futures slipped. Gold prices gained. The yield on the 10-year Treasury note was down. The U.S. dollar lost ground to the euro, pound, and yen. Most major cryptocurrencies traded higher.
黄仁勋赞马斯克是“非凡工程师” 自曝爱和他工作
辉达执行长黄仁勋接受访问时，盛赞马斯克是非凡的工程师，他一手打造出的电动车、Optimus机器人，都是世界级的革命性产品，并认为机器人有望创造数兆美元商机。
彭博电视主播问道，观众很关心辉达在超大规模资料中心以外的客户，想知道马斯克旗下公司是否会成为辉达的最大客户之一，特斯拉电动车与Optimus机器人，以及人工智能公司xAI，都有庞大的芯片需求。
黄仁勋回答说，马斯克是非凡工程师，非常喜爱与他一起工作。马斯克的聊天机器人Grok、自驾车、Optimus机器人等，个个都是世界级的革命性产品，均带来巨大商机，很高兴与他共事。
黄仁勋认为，Optimus机器人的商机即将到来，人型机器人可能很快就在世界各处使用，机器人可能是下一个数兆美元产业。
另据报道，埃隆·马斯克在X发文透露，6月将首次交付Model Y自动驾驶汽车。
马斯克表示，特斯拉一直在奥斯汀公共道路上测试无人驾驶的Model Y车型（无人驾驶员在车内），目前尚未发生任何事故。
Wednesday, May 28, 2025
GE Vernova
GE Vernova
 | |
 Headquarters in Cambridge, Massachusetts | |
| Company type | Public |
|---|---|
| Industry | Energy |
| Predecessors | General Electric |
| Founded | April 2, 2024 |
| Headquarters | Cambridge, Massachusetts, U.S. |
Key people | |
| Revenue |  US$34.9 billion (2024) |
| US$471 million (2024) | |
| US$1.55 billion (2024) | |
| Total assets | US$51.5 billion (2024) |
| Total equity | US$9.55 billion (2024) |
Number of employees | 75,000 (2024) |
| Subsidiaries | |
| Website | www |
| Footnotes / references [1] | |
GE Vernova, Inc.,[2] is an energy equipment manufacturing and services company headquartered in Cambridge, Massachusetts.[3]
GE Vernova was formed from the merger and subsequent spin-off of General Electric's energy businesses in 2024: GE Power, GE Renewable Energy, GE Digital and GE Energy Financial Services.
History
[edit]Founding of GE Power
[edit]GE Power was founded as GE Energy, and was a division of General Electric. GE Energy was headquartered in Atlanta, Georgia.[4] GE Energy was founded in 2008, as part of a company-wide reorganization prompted by financial losses leading to the formation from GE Infrastructure division.[5]
In 2012, General Electric's GE Power division was created following the spin-off of GE Energy.[6]
Acquisition of Alstom's energy business
[edit]Between April and June 2014, General Electric entered into negotiations to acquire the energy business of the French group Alstom. On April 24, 2014, the first information was published about General Electric's partial takeover of Alstom for $13 billion.[7] On April 30, Alstom's board of directors accepted General Electric's €12.35 billion offer for its energy business.[8] General Electric confirmed its offer of $16.9 billion.[9]
In 2015, the Franco-American subsidiary GE Renewable Energy was created from the acquisition of the energy activities (Alstom Power and Alstom Grid) of Alstom, which specializes in renewable energies. It was headquartered in Boulogne-Billancourt, France and focused on the production of energy systems that use renewable sources. Its products included wind (onshore and offshore), hydroelectric and solar (concentrated and photovoltaic) power generating facilities.[10]
In January 2016, General Electric announced that it was cutting 6,500 jobs in its energy division, GE Power.[11] In October 2016, General Electric announced the acquisition of LM Wind Power, a Danish company that is one of its main suppliers of wind turbine blades, for $1.65 billion.[12]
In May 2018, Alstom announced the sale of its interests in its three joint ventures with General Electric to GE for €2.594 billion. These joint ventures were active in the power grid, nuclear and renewable energy sectors.[13]
In July 2018, one month after buying all the shares in its joint venture with Alstom, General Electric announced a restructuring plan for the Hydro division, cutting 1,330 jobs worldwide, including 293 jobs in Grenoble, France even though GE had committed to creating 1,000 jobs in France when it bought Alstom's energy division.[14][15]
On April 18, 2021, GE Steam Power's management announced that it was reducing its job cuts plan, deciding to save 94 jobs and thus cut 144.[16] On April 30, 2021, the unions in France announced that they would continue to blockade the steam power site in Belfort "for as long as necessary", also blocking the special convoy transporting a turbine to the Hinkley Point nuclear power plant in the UK.[17]
Spin-off
[edit]On November 9, 2021, General Electric announced that it would split into three publicly traded companies. The following year, they announced the names would be GE HealthCare, GE Aerospace, and GE Vernova.[18] GE Healthcare was the first to be spun off, on January 4, 2023.[19] GE Vernova was the second to be spun off. In preparation for the spin-off, GE Vernova, LLC was founded on February 28, 2023.[20] The LLC was incorporated on April 2, 2024,[21] as GE Vernova Inc. and was listed on the New York Stock Exchange under ticker symbol GEV.[22] After the completion of the two spin-offs, General Electric rebranded itself GE Aerospace.[23][24]
Sale of nuclear turbine business
[edit]In January 2022, France's EDF and General Electric agreed on a takeover of a major part of GE Steam Power (formerly Alstom Power), GE Power's nuclear activities. EDF will pay around €175 million for this transaction, once the cash and debt of the acquired business have been taken into account. This former Alstom Power business, valued at one billion euros, specialises in nuclear turbine-generator sets, in particular "Arabelle", and the maintenance services associated with the reactors deployed. The Arabelle nuclear turbine at Belfort, France is the most powerful in the world.[25] It sold this subsidiary to EDF in May 2024.[26]
Structure
[edit]GE Vernova is organized into four divisions based in the United States, France and Denmark:
- Power, led by Mavi Zingoni (Cambridge, Massachusetts);
- Gas Power, led by Eric Gray (Schenectady, New York);
- Steam Power, formerly GE Steam Power, led by Valérie Marjollet (Baden, Switzerland), sold almost entirely to EDF in May 2024, now Arabelle Solutions;
- GE Hitachi Nuclear Energy, led by Craig Ranson (Wilmington, North Carolina);
- Hydro Power, formerly Alstom Power Hydro (Grenoble, France);
- Wind, led by Vic Abate (Schenectady, New York);[27]
- Onshore Wind (Schenectady, New York);
- Offshore Wind, formerly GE Offshore Wind, formerly Alstom Wind (Nantes, France);
- LM Wind Power (Kolding, Denmark);
- Electrification Systems, led by Philippe Piron (Boulogne-Billancourt, France);
- Power Conversion and Storage, formerly GE Power Conversion (Paris-Saclay, France);
- Grid Solutions, formerly Alstom Grid (Boulogne-Billancourt, France);
- Electrification Software, formerly GE Digital, led by Scott Reese (Charlotte, North Carolina).
References
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