(Reuters) – Microsoft expects to report an impairment cost of about $800 million within the second quarter of fiscal 2025 following Normal Motors’ exit from the Cruise self-driving enterprise, the tech big stated. know-how in a submitting Wednesday.
Normal Motors introduced Tuesday that it’s ending the event of robotic taxis, by which it has invested greater than $10 billion since 2016, citing competitors within the robotic taxi market and the “time and assets” that might be required. to develop the exercise.
Microsoft acquired a minority stake in Cruise in January 2021 as a part of a mixed new funding of greater than $2 billion, which included institutional buyers akin to Honda Motor Co.
The window maker additionally stated the impairment cost would have a unfavourable impression of about 9 cents on its second-quarter earnings per share.
(Reporting by Zaheer Kachwala in Bangalore; Modifying by Pooja Desai)
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