Microsoft To Lay Off 10,000 Employees

Microsoft To Lay Off 10,000 Employees Microsoft

Speaking before the layoff announcement at the World Economic Forum in Davos, Switzerland, Microsoft CEO Satya Nadella said that the company was not immune to a weaker global economy.

“No one can defy gravity and gravity here is inflation-adjusted economic growth,” he told WEF founder Klaus Schwab in a live streamed discussion. In a memo to staffers Wednesday, Nadella also cited changing demand for digital services years into the pandemic as well as looming recession fears. “We’re living through times of significant change, and as I meet with customers and partners, a few things are clear,” he wrote.

“First, as we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimise their digital spend to do more with less.” Microsoft had approximately 221,000 full-time employees globally as of June 30, 2022, according to a US Securities and Exchange Commission filing, with some 122,000 of those staffers based in the United States.

Nadella said the job the cuts represent less than 5 per cent of the company’s total workforce and the reductions will be complete by the end of its fiscal third quarter this year, which ends in March. said the company will incur a $1.2 billion charge in its second quarter related to “severance costs, changes to our hardware portfolio, and the cost of lease consolidation.” “These decisions are difficult, but necessary,” Nadella wrote. Multiple tech companies have made deep cuts to their workforces since the start of the year, as inflation weighs on consumer spending and rising interest rates squeeze funding.

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