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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook Inc    FB

FACEBOOK INC

(FB)
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Real-time Estimate Quote. Real-time Estimate BATS EXCHANGE - 11/30 10:17:02 pm
276.7550 USD   -0.38%
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Microsoft denies U.S. suggestion its diversity plan illegally discriminates by race

10/06/2020 | 08:56pm EST
Silhouettes of mobile users are seen next to a screen projection of Microsoft logo in this picture illustration

Microsoft Corp on Tuesday denied a recent suggestion by the U.S. Department of Labor that its plan to bolster diversity, including by investing $150 million (£116.5 million) and doubling the number of Black employees in high-ranking positions, amounted to illegal race discrimination.

The denial came in a blog post responding to a letter Microsoft received last week from the Labor Department's Office of Federal Contract Compliance Programs concerning an initiative announced by Chief Executive Satya Nadella on June 23.

General Counsel Dev Stahlkopf said the letter suggested that the initiative "appears to imply that employment action may be taken on the basis of race," and asked Microsoft to prove its efforts to improve opportunities were not illegal race-based decisions.

"Emphatically, they are not," Stahlkopf wrote.

"We are clear that the law prohibits us from discriminating on the basis of race," she added. "We hire and promote the most qualified person. And nothing we announced in June changes that."

A spokesman for the Labor Department said it "appreciates" Microsoft's assurance it was not using racial preferences or quotas, and "looks forward to working with Microsoft to complete its inquiry."

Microsoft announced its initiative four weeks after the death of George Floyd at the hands of Minneapolis police sparked nationwide protests over racial inequality, and prompted more companies to confront inequality in their own ranks.

Facebook Inc and Alphabet Inc's Google are among companies to pledge greater commitments to diversity.

According to Microsoft's 2019 diversity report, just 4.4% of U.S. workers at the company and affiliates such as LinkedIn were Black, while less than 3% of U.S. executives, directors and managers at the Redmond, Washington-based parent were Black.

Nadella pledged to double the number of Black employees in the United States in senior and leadership roles by 2025.

He also said Microsoft would conduct more transactions through Black-owned banks, and make investments to support minority-owned banks and Black-owned small businesses.

(Reporting by Jonathan Stempel in New York; Editing by David Gregorio and Christopher Cushing)

By Jonathan Stempel


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.83% 1754.4 Delayed Quote.33.42%
FACEBOOK INC -0.30% 276.97 Delayed Quote.35.35%
MICROSOFT CORPORATION -0.54% 214.07 Delayed Quote.36.48%
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Financials (USD)
Sales 2020 83 587 M - -
Net income 2020 26 870 M - -
Net cash 2020 63 906 M - -
P/E ratio 2020 29,8x
Yield 2020 -
Capitalization 791 B 791 B -
EV / Sales 2020 8,70x
EV / Sales 2021 6,82x
Nbr of Employees 56 653
Free-Float 83,8%
Chart FACEBOOK INC
Duration : Period :
Facebook Inc Technical Analysis Chart | FB | US30303M1027 | MarketScreener
Technical analysis trends FACEBOOK INC
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 51
Average target price 315,73 $
Last Close Price 277,81 $
Spread / Highest target 35,0%
Spread / Average Target 13,7%
Spread / Lowest Target -56,8%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
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