Microsoft yesterday announced the quarterly results for the quarter ended June 30, 2022. Microsoft reported $51.9 billion in revenue and $16.7 billion in net income. Due to macroeconomic conditions and other unforeseen items, Microsoft had a significant impact on its last quarter financial results.
During the earnings call, Microsoft offered forward-looking guidance. Microsoft expects COGS to be between $14.9 and $15.1 billion and operating expense to be between $13.3 and $13.4 billion.
Microsoft also expects the total company headcount to continue to grow with 11 thousand hires expected to start in Q1. Microsoft specifically mentioned that the hiring will be primarily in cloud engineering, LinkedIn, customer deployment and commercial sales.
Recently, Microsoft fired 1800 employees, about 1% of its total workforce. Microsoft provided the following statement regarding the layoffs:
Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly.
Even during the earnings call, Microsoft reiterated that it would continue to invest in future growth while maintaining intense focus on operational excellence and execution discipline.