Microsoft Corp. (MSFT) announced layoffs for nearly 1,000 workers after its earnings dipped. The Redmond, Washington-based company said in July that it planned to cut a number of roles, representing less than 1%
The company has not explicitly stated how many staff would be impacted with the latest downsizing push. However, nearly 1,000 employees are said to be affected, according to Axios
Microsoft is a company that is constantly evaluating its business priorities and making adjustments accordingly. This year, Microsoft plans to invest in its business and hire in key growth areas. This shows that Microsoft is a company that is always looking for ways to
The move by Microsoft is in response to the current economic climate and the need to cut costs. The company has said that it will cut costs by at least 10%, and has also announced hiring freezes last month. This is similar to what other tech firms, such as Meta,
Amy Hood, Microsoft's CFO, said in July that the company would "slow the rate of hiring to focus on key growth areas." This means that Microsoft will be
Microsoft's shares have fallen by approximately 30% in value this year, according to the Nasdaq Composite Index. The company has been facing difficulties in its cloud business, declining sales of videogames, and increased competition from foreign currency markets.
As of 2:30 pm ET on Tuesday, Microsoft shares were trading at $238.49, up $0.96