Microsoft to cut 10,000 jobs in its biggest round of layoffs in 8 years
In a speech at the World Economic Forum in Davos, Switzerland, Microsoft CEOsaid the tech industry will need to to more with less after growing much faster than GDP in recent years.
"We are going to go through a phase today where there is going to be a normalization of demand," Nadella said, "We in the tech industry will have to get more efficient — it’s not about everyone else doing more with less, we will have to do more with less. We will have to show our own productivity gains.", when just under 1,000 employees, including from teams in its gaming divisions, were let go.
The layoffs come a week before Microsoft is set to post earnings for its fiscal second quarter, which ended Dec. 31. Like most tech companies, Microsoft forecast earnings to be weaker than in the previous two years. Its stock is down by over 20% over the past year. Globally, Microsoft has around 181,000 employees. In Silicon Valley, where Microsoft has a campus in Mountain View and other offices in Sunnyvale, it has 3,693 employees, according to Business Journal research from 2022.
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