Posted by Microsoft Corporation followed other technology firms in cutting around 1000 employees across several areas during the economic downturn.
Approximately 1,000 employees from Microsoft Corp. will be laid off from various divisions, according to news reports on Monday.
Late on Monday, the layoffs were disclosed by Axios and Business Insider. According to sources, there have been fewer than 1,000 layoffs across a variety of areas and departments, including Xbox and Edge. According to its website, Microsoft MSFT, +0.41% employs around 221,000 people worldwide.
A Microsoft representative confirmed the claims’ authenticity in an email to MarketWatch and added: “Like other businesses, we examine our business priorities on a regular basis and make structural modifications accordingly. In the coming year, we’ll keep making investments in our company and hiring personnel in crucial growth sectors.
According to reports, Microsoft is the latest significant tech business to reportedly slash jobs due to recessionary worries. Apple Inc. AAPL, +0.94%, Oracle Corp. ORCL, +0.01%, and Beyond Meat Inc. BYND, +0.97% have all made job cuts. Facebook parent Meta Platforms Inc. META, -0.93% is said to have announced a hiring freeze last month. Intel Corp. INTC, -2.08% recently announced plans to lay off thousands of employees by the end of the month.
According to a recent KPMG report, 51% of CEOs surveyed said they plan to reduce staff in the next six months.
On October 25, Microsoft is expected to announce its quarterly earnings.
Comparatively to the 17% decline seen by the Dow Jones Industrial Average DJIA, +1.12%, of which Microsoft is a component, Microsoft share prices have fallen by roughly 30% year to date.
Credit Source: Livemint