The cuts, which affect less than 5% of the company's workforce, come as Microsoft customers pull back on spending, CEO Satya Nadella said.
The staff reduction announcement on Wednesday comes a week after the tech giant said it would be allowing U.S. employees unlimited time off, a move that was celebrated by workers at the company, who suspected the policy move was aimed at boosting morale.Other big players in the tech world, including, Salesforce and Amazon have slashed staff recently, pointing to the same underlying drivers: an overzealous hiring spree during the pandemic and worries that the economy could nosedive this year.
According to tech job tracker layoffs.fyi, more than 150,000 tech jobs were lost in 2022. The contraction represents a dramatic about-face for an industry that has experienced nearly unchecked growth for more than a decade. Investment analyst firm Wedbush Securities on Wednesday described the recent spate of layoffs in the tech sector as"a rip off the Band-aid moment to preserve margins and cut costs."
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