In a Friday meeting following Microsoft’s (MSFT) first ever company-wide layoffs, CEO Steve Ballmer told gathered executives he doesn’t expect the economy to start getting better for at least another year.
“The economy goes down and stays down, then you start to get slow growth again in a few years,” Steve said in the meeting, sources told Reuters.
“We may find a bottom in a year,” he said. “I’m thinking the bottom is deep, but less deep than the 1929 bottom, for example.”
During a conference call to announce Q4 results, Steve said:
“Our model isn’t for a quick rebound. The economy shrinks and then it builds from a lower base. No, I’m not expecting a bounce. When we did our resizing, we did with an eye toward margin, total profit, shareholders in the short term and long term investors. A year, two years — I don’t know what it’ll be.”
Microsoft Layoffs: LIVE (MSFT)
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