Well, Xbox most definitely isn't exiting the console business any time soon, with today's business update absolutely squashing any speculation that Xbox Series X would be Microsoft's final gaming console.
Microsoft Becomes $3 Trillion Company After Mass Layoffs
27.01.2024 - 01:05 / gamerant.com / Phil Spencer / Charming Holiday
Just days after laying off 1,900 workers under the recently acquired Activision Blizzard, Microsoft has become only the second company ever to reach a $3 trillion market value. The recent layoffs by Microsoft were met with inquisition from audiences concerned about the company's profits, though it would seem Microsoft is showing no signs of declining value.
One of the most profitable companies in the world, Microsoft sits just behind fellow technological powerhouse Apple in the $3 trillion club. Both Microsoft and Apple have continued to show increases in stock valuation over the past few years, and the two continue to compete for the top spot as the most highly valued company.
First reported by Gamevro, Microsoft achieved a market valuation of $3.009 trillion at the end of trading on January 25. This placed Microsoft ahead of Apple, which finished trading yesterday at $3.002 trillion. The two tech giants have been alternating between the top two market value spots, with Microsoft only once falling below the $3 trillion mark. Much of Microsoft's recent rise in investment value has been attributed to the company's dedication to artificial intelligence with OpenAI, the maker of ChatGPT. While the milestone marks a historic achievement for Microsoft, the leap in trading value has come in the wake of an announcement that 1,900 Activision-Blizzard staff are getting laid off. With Phil Spencer, head of Microsoft gaming, attributing these layoffs to cost restructuring, the $3 trillion valuation has received mixed reactions from fans.
Audiences have continued to question and even critique the continuing trend of major companies in the technology and gaming industries resorting to massive layoffs in order to cut costs. Consumers have remained highly critical of companies letting go of hundreds of employees while simultaneously boasting record profits and stock valuations. Microsoft is among the companies to receive scrutiny, particularly as it received a similar boost in corporate value just one year ago, which also came under similar circumstances. In January 2023, Microsoft cut 10,000 jobs and then saw its stock value rise up to 70% in the following months. While January of last year was the beginning of Microsoft's AI investments and subsequent enthusiasm from stockholders, audiences remain weary of when the layoff trend will come to an end.
With many in the technology and gaming industries constantly reeling from layoffs, cancelations, and shutdowns, it is understandable that Microsoft's $3 trillion achievement has raised a number of eyebrows. Several former Microsoft executives have left their positions, and an unnamed Blizzard survival game was canceled due to the layoffs. As consumers brace for potential
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