Microsoft: Layoff Small Percentage of employees as New Fiscal year Begins!!!

Microsoft - Layoff Small Percentage of employees as New Fiscal year Begins!!!
Microsoft - Layoff Small Percentage of employees as New Fiscal year Begins!!!

Microsoft: Layoff Small Percentage of employees as New Fiscal year Begins.Days after the software maker started its 2023 fiscal year—the time when the company often discloses structural changes—Microsoft stated Tuesday that it has laid off a small number of employees.

Large and small technology companies alike have paused hiring plans or announced staff layoffs in recent months to prepare for a potential economic slump that central bankers have been attempting to avert by rising interest rates. Due to this change, investors are now less interested in growth-oriented businesses like Microsoft, whose shares have fallen approximately 22% since the year’s beginning while the bigger S&P 500 index has fallen by 19% during the same time period.

Less than 1% of the 180,000-person workforce was affected by the layoffs, which affected a number of organisations across different geographic locations, including consulting and customer and partner solutions.

Less than 1% of the corporation, which employed 181,000 employees as of June 2021, will be impacted by the cuts, which touch a number of organisations.

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A Microsoft spokeswoman told CNBC in an email that “today we notified a limited number of workers that their responsibilities have been removed.” This was the outcome of a strategic realignment, and like many businesses, we regularly assess our operations. In the coming year, we will increase headcount while continuing to invest in specific sectors. Bloomberg first covered the change.

Rajesh Jha, the Microsoft executive in charge of the Office productivity suite, instructed his staff in May to get approval before creating new positions. Microsoft cut its earnings and revenue forecast in June, citing unfavourable foreign currency rates.

In part due of geopolitical concerns, technology research firm Gartner predicted on Monday that PC shipments, a factor affecting Microsoft’s Windows operating system business, decreased by around 13 percent in the third quarter, the most subpar performance in nine years.

After the beginning of its new fiscal year in 2017, Microsoft last made an announcement regarding layoffs. The corporation changed its selling strategy while laying off thousands of people.

Facebook parent Meta Platforms decreased its target for adding software engineers this year from 10,000 to around 6,000 to 7,000, Reuters reported last week. Amazon’s retail division decreased its 2022 hiring goal as well, Insider reported in May.

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