Microsoft announced it was laying off additional workers as the company’s revenue is expected to slow down, according to confirmed reports by Axios and CNBC.
These job cuts remained under 1,000 and spread across teams and levels globally.
“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead,” Microsoft said in a statement to Axios.
Microsoft is one of the biggest names to announce layoffs this year. As of mid-October, 44,000 tech employees have lost employment due to mass job cuts in 2022, according to Crunchbase.
Other companies like Salesforce, Spotify, Snap, Flipboard, Netflix and Robinhood are also slashing jobs. According to Gizmodo, Amazon and Meta haven’t begun the layoffs but they’ve instated a hiring freeze.
Expect more slowdowns and economic struggles amid inflation and fears of recession as tech giants Meta, Twitter, Tesla and Google reveal their earnings in the coming weeks, per The Guardian.
“The biggest question now is, how bad is it?” said Scott Kessler, a technology industry analyst at global research firm Third Bridge.
“Between structural changes to technology and cyclical headwinds from a global economic perspective, I don’t think there’s a tremendous amount of optimism around what these companies are going to communicate in the upcoming reports,” Kessler said, per the report.