Microsoft to lay off thousands of employees today: Report

Microsoft is set to lay off thousands of employees today Citing Sky News Reuters reported that thousands of roles would be cut with the software giant looking to cut around 5 per cent of its workforce or about 11000 rolesThousands of job cuts are expected in human resources and engineering divisions on Wednesday The layoffs would be the latest in the US technology sector where companies including Amazoncom Inc and Meta Platforms Inc have announced retrenchment exercises in response to slowing demand and a worsening global economic outlookThe company had 221000 fulltime employees including 122000 in the United States and 99000 internationally as of June 30 according to filingsMicrosoft is under pressure to maintain growth rates at its cloud unit Azure after several quarters of the downturn in the personal computer market hurt Windows and devices sales reported ReutersIt had said in July last year that a small number of roles had been eliminated In October news site Axios reported that Microsoft had laid off under 1000 employees across several divisionsAlso read Amazon to layoff over 18000 employees citing economic uncertaintyShares of Microsoft which is set to report quarterly results on January 24 were marginally higher in late afternoon trading reported ReutersMicrosofts move could indicate that the tech sector may continue to shed jobsMicrosoft is the latest big tech company to face a challenging economy and the job cuts will come just days after Microsoft implemented a new unlimited time off policy Microsoft employees that have an unused vacation balance will get a onetime payout in April and managers will be able to approve unlimited Discretionary Time OffThe cuts also come just weeks after Microsoft CEO Satya Nadella warned of two years of challenges ahead for the tech industry In an interview with CNBC Nadella admitted Microsoft wasnt immune to the global changes and spoke of the need for tech companies to be efficientThe next two years are probably going to be the most challenging said Nadella We did have a lot of acceleration during the pandemic and theres some amount of normalization of that demand And on top of it there is a real recession in some parts of the worldThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever