Microsoft said it would lay off 10,000 employees in the coming months as the economic downturn continues to punish US tech giants. | AFP
Asked about the layoffs just ahead of the announcement, Microsoft CEO Satya Nadella said that “no one can defy gravity” and pointed to the high inflation that was affecting economic growth around the world.
“As we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimize their digital spend to do more with less,” Nadella said in a note to employees, published by the SEC. The wave of firings in the tech sector have been rewarded by the stock market that had grown increasingly concerned about overspending by the US tech giants.
Microsoft, which according to its website currently has 221,000 employees worldwide, had hired 75,000 since 2019, analyst Dan Ives of Wedbush Securities said in a note.
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