Microsoft reported the layoffs would affect roughly 5% of its workforce, with some notifications happening as early as Wednesday.
The company's stock was modestly higher in early Wednesday trading, opening at a share price of $241.56. Microsoft employs about 221,000 people around the world, including 122,000 in the United States,Nadella also said the company will continue to invest in strategic areas for its future,"meaning we are allocating both our capital and talent to areas of secular growth and long-term competitiveness for the company, while divesting in other areas.
"These are the kinds of hard choices we have made throughout our 47-year history to remain a consequential company in this industry that is unforgiving to anyone who doesn’t adapt to platform shifts," he wrote. "As such, we are taking a $1.2 billion charge in Q2 related to severance costs, changes to our hardware portfolio, and the cost of lease consolidation as we create higher density across our workspaces .... We will treat our people with dignity and respect, and act transparently. These decisions are difficult, but necessary.
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