While many industries are facing the headwinds of the coronavirus outbreak, IT giant Microsoft said it will steer out of this crisis.
While many industries are facing the headwinds of the coronavirus outbreak, IT giant Microsoft said it will steer out of this crisis. The US-based company’s CEO Satya Nadella recently said that Microsoft has a strong financial foothold and despite the current challenges, the company will come out of the crisis “pretty strong”, he told CNBC on Tuesday. “We have a great balance sheet, we are a very diverse business, we have a mix of annuity, non-annuity, that is also stronger than even the last time we even went into the financial crisis … I feel confident we’ll come out of this, frankly, pretty strong,” he said. However, he expressed reservations on the demand side and said that it remains to be seen whether the demand holds up in the markets such as the US and Europe where coronavirus has already caused much damage.
Upon being asked if the company will be able to deliver certain products including new Surface devices and a revamped Xbox gaming console, which were scheduled for the later part of the year, India-born Satya Nadella said: “We feel good about how we are able to meet the demands of work from home kits. On the supply side we are getting back on rails.” However, he added that the company will now focus mostly on the quality and safety of the people and getting the products ready to be launched.
Recently, Microsoft’s founder Bill Gates stepped down from the board of the company to focus more on philanthropic activities. Bill Gates runs Gates Foundation with his wife Melinda Gates.
Meanwhile, the coronavirus spread has sent major global economies to jitters with many industries staring at huge revenue losses due to the virus. In India, coronavirus cases have climbed to 562. However, with a 21-day lockdown imposed on the country, hopes abound that the country will be able to flatten the virus curve.