Microsoft says it will cut 10,000 jobs, or about 5% of its workforce, as the company seeks savings and worries about the economic climate. Facebook and Amazon are among the companies that have announced layoffs in recent weeks.
Like other big tech companies, Microsoft grew too fast during the pandemic, hired a lot of workers, but economic conditions worsened and user behavior changed after the pandemic.
The layoffs will continue through the third quarter of the fiscal year, with an estimated cost of $1.2 billion.
The company has 221,000 employees and a market capitalization of about $1.8 trillion.
Satya Nadella also made major layoffs early in his tenure, cutting 25,000 jobs eight years ago after the Nokia acquisition turned out to be a botched move.
From 2019 to today, the company employs 75,000 people.
Source: Hot News
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