Microsoft Faces $800M Loss as GM Halts Cruise Robotaxi Operations
TL;DR Summary
Microsoft will incur an $800 million impairment charge due to GM's decision to shut down its Cruise robotaxi program, impacting Microsoft's investment in the self-driving car company. This charge will affect Microsoft's second quarter earnings, reducing diluted earnings per share by approximately $0.09. GM, which owns 90% of Cruise, plans to increase its ownership to over 97% by buying back shares from minority investors like Microsoft, Walmart, and Honda. The shutdown marks a shift in GM's strategy towards integrating Cruise's technology into its own autonomous vehicle development.
- Microsoft will take an $800M hit over Cruise robotaxi shutdown TechCrunch
- With General Motors pulling the plug on Cruise, every American automaker except Tesla has called it quits on robotaxis Fortune
- GM to retreat from robotaxis and stop funding its Cruise autonomous vehicle unit NPR
- Here’s how much of a hit Microsoft is taking on its investment in GM’s Cruise MarketWatch
- Microsoft Sees $800 Million Charge on Stake in GM’s Cruise Bloomberg
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