Tag: Financial Results

Revenue for Microsoft as a whole rose 12% year-over-year to $51.9 billion

According to Microsoft Corp., LinkedIn revenue rose 29% in constant currency in the fiscal fourth quarter ended June 30, up 26% on a reported basis to $768 million. However, LinkedIn’s growth was lower than expected as revenue from its marketing solutions advertising business was impacted by a slowdown in advertising spend according to CFO Amy Hood.

LinkedIn’s year-over-year revenue growth in the upcoming first quarter is not forecast to match the fourth quarter’s growth.

Hood made further comment: “For LinkedIn, we expect continued strong engagement on the platform, although results will be impacted by the slowdown in advertising spend and hiring, resulting in low to mid-teens rev growth.”

However, Microsoft Chairman and CEO Satya Nadella noted engagement on LinkedIn remains strong.

Nadella said: “We once again saw record engagement among the more than 850 million members, a testament to how mission-critical the platform is to connect job seekers with jobs, learners with skills and marketeers with buyers.”

Revenue for Microsoft as a whole rose 12% year-over-year to $51.9 billion. In constant currency, the increase was 16%.

CNBC reported revenue fell short of guidance and was the slowest revenue growth since 2020.

Microsoft also noted it had employee severance expenses of $113 million in the quarter, excluding Russia. Separately, the company had scaled down its operations in Russia and recorded operating expenses of $126 million related to bad debt expense, asset impairments and severance.

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Revenue decline seen in US commercial staffing

Revenue rose 1.9% year-on-year in Q1 2022, according to a regulatory filing from Staffing 360 Solutions Inc., a New York-based staffing firm with operations in the US and UK.

The company reported that revenue rose approximately $1.4 million on an organic basis in the first quarter, but growth was affected by an unfavourable currency translation of USD $478,000.

Growth was seen in the company’s US and UK professional staffing segments, but a revenue decline was noted in US commercial staffing – the company’s largest segment.

To continue trading on the Nasdaq stock exchange, Staffing 360 held a reverse stock split on 24 June. In April, they acquired US-based staffing firm Headway Workforce Solutions.

FT.com reported that shares in Staffing 360 closed down 1.40% on Monday to USD 3.51, a new 52-week low. The company had a market cap of USD 8.6 million.



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