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21st January 09 #1
Microsoft expansion to take a hit to cut costs
When Microsoft Corp. reports its second-quarter earnings Thursday, the company is expected to outline a series of cost-cutting measures, which will include postponing most of its plans to further expand its facilities across the Puget Sound region.
An internal planning and scenario PowerPoint presentation reviewed by the Seattle P-I shows that Microsoft is set to delay the construction of all new buildings in Redmond, except one, for at least three years. The company also will not renew most of its leases when they come up for renewal this year and next.
The changes are driven by the deteriorating global economic situation, which has led to a steep hiring slowdown by Microsoft. It is unclear whether the company will lay off any employees, as has been rumored, this week.
In recent years, Microsoft has launched a major expansion of its Redmond campus, including a 1.1 million-square-foot complex for its Entertainment and Devices Division.
Some of the complex is under construction, and work will not stop.
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