Microsoft flags $0.8M writedown on stake in GM-backed Cruise
Investing.comDec 12, 2024 12:38 AM
Investing.com -- Microsoft Corporation (NASDAQ:MSFT) said Wednesday it would take a $800 million writedown in Q2 on its stake in General Motors-backed robotaxi firm Cruise just a day after the automaker announced it would halt funding for robotaxi production.
The impairment charge of approximately $800 million seen in Q2 is expected to have a negative impact of approximately $0.09 to Q2 diluted earnings per share.
This charge wasn't included in the the company's second quarter guidance provided on October 30, 2024.
Microsoft announced it had taken a minority stake in Cruise in January 2021.
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