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Microsoft did layoffs (layoffs) of a small number of its employees. This comes days after the company welcomes fiscal year 2023 which is usually used for structural changes.
The number of employees who have been laid off is less than 1% of the total employees reaching 181,000 people as of June 2021. That means, there are around 1,800 employees who have been laid off.
“Today we are notifying a small number of employees that their roles have been removed,” a Microsoft spokesperson said in an email.
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“This is the result of a realignment of strategy and like all companies, we evaluate our business regularly. We continue to invest in certain areas and increase the number of employees in the coming year,” he added.
As you know, technology companies both large and small have slowed down hiring plans or announced workforce cuts in recent months. This is meant to guard against the threat of an economic recession, although the central bank has raised interest rates to prevent that from happening.
It also makes investors less interested in companies such as Microsoft, whose shares have fallen about 22% since the start of the year, while the S&P 500 index is down by a larger 19% over the same period.
Microsoft was last known to have laid off in 2017 after the start of the new fiscal year. The company cut thousands of employees as it made adjustments to sales.
Meanwhile, a Reuters report noted that Facebook parent Meta Platform lowered its target for adding software engineers this year from 10,000 to around 6,000 to 7,000 people. Insider also reported in May that Amazon’s retail division lowered its hiring target by 2022.
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