Microsoft flags $0.8M writedown on stake in GM-backed Cruise

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. 

Source: Investing.com