Microsoft Hits $3 Trillion Market Value Despite Layoffs
Microsoft has become the second company ever to achieve a $3 trillion market valuation, following Apple, after closing at the milestone for the first time and laying off 1900 workers from its gaming divisions. The stock's recent success is attributed to AI announcements and new product releases, but the layoffs are seen as a ripple effect from its acquisition of Activision Blizzard. The company reported $56.5 billion in revenue in its most recent earnings and is expected to release its full-year earnings for 2023 next week.