Top Tech Company, Microsoft, is sending their workers away after their stock down by 30%
Microsoft has cut off over 1,000 staff globally due to economic worries.
According to ABC News, the layoffs represent fewer than half of the company’s 221,000 employees worldwide.
The layoffs touch everything from Microsoft’s Xbox console gaming company to its cutting-edge Microsoft Strategic Missions and Technology unit, according to Business Insider.
Some former workers have turned to Twitter to corroborate the tragic news, including KC Lemson, a longstanding employee and product manager in the Chief Technology Officer’s office, who revealed that she was affected.
The announcement comes as the company’s stock has dropped roughly 30% in the last year due to ongoing inflation and lower product demand as people return to work.
Microsoft officials stated in a statement, ‘Like other firms, we examine our business goals on a regular basis and make structural modifications accordingly.’
‘In the coming year, we will continue to invest in our business and hire in key growth areas.’
Microsoft is the latest corporation to announce job cuts in the face of rising prices.
Microsoft leaders had declared in July that they would lay off fewer than 1% of their personnel and severely limit hiring as sales fell short of investor forecasts.
The company’s revenue was just $51.9 billion in the second quarter of the year, although it was predicted to be $52.4 billion.
It had already seen record-breaking growth during the COVID epidemic, when consumers and companies resorted to its goods as they transitioned to a work-from-home paradigm.