• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Microsoft cuts small percentage of employees as new fiscal year begins

by
July 12, 2022
in Breaking News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Related Posts

Disney needs to show investors it has a plan to make streaming profitable — and stop hemorrhaging money

Bitcoin trades around $23,000 after Fed Chair Powell warns that rates could rise further

Zoom to lay off 1,300 employees, or about 15% of its workforce

Goldman says these overlooked companies play a key role in a more sustainable economy

Satya Nadella, chief executive officer of Microsoft Corp., speaks during a panel session on day two of the World Economic Forum in Davos, Switzerland, on May 24, 2022.
Hollie Adams | Bloomberg | Getty Images

Microsoft said Tuesday it cut a small number of workers, days after the software maker began its 2023 fiscal year, a time when the company normally announces structural changes.

Technology companies big and small have slowed hiring plans or announced reductions in the workforce in recent months to withstand a possible economic recession, which central bankers have been trying to ward off by raising interest rates. That shift has made investors less interested in growth-oriented stocks such as Microsoft, whose shares have declined about 22% since the start of the year, while the larger S&P 500 index is down 19% over the same period.

The cuts reach a variety of groups and affect less than 1% of the company, which employed 181,000 people as of June 2021, the company said.

“Today we notified a small number of employees that their roles have been eliminated,” a Microsoft spokesperson told CNBC in an email. “This was a result of a strategic realignment, and, like all companies, we evaluate our business on a regular basis. We continue to invest in certain areas and grow headcount in the year ahead.” Bloomberg reported on the move earlier.

The Microsoft executive in charge of the Office productivity software, Rajesh Jha, in May told his team to obtain permission before opening new roles. In June, Microsoft slashed its income and revenue guidance, citing unfavorable foreign-exchange rates.

On Monday technology industry research group Gartner estimated that PC shipments, a factor affecting Microsoft’s Windows operating system business, fell nearly 13% in the third quarter, the most sluggish performance in nine years, in part because of geopolitical issues.

Microsoft last announced a round of layoffs in 2017, after the start of its new fiscal year. The company trimmed thousands of employees as it adjusted its approach to selling.

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

WATCH: Microsoft says it’s open to working with unions

Next Post

WHO to convene second emergency meeting to decide if monkeypox is global health threat as cases rise

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Disney needs to show investors it has a plan to make streaming profitable — and stop hemorrhaging money

by
February 7, 2023
0

When Walt Disney (DIS) reports fiscal first-quarter earnings on Wednesday, we'll be looking to see how the entertainment giant plans...

Read more

Disney needs to show investors it has a plan to make streaming profitable — and stop hemorrhaging money

Bitcoin trades around $23,000 after Fed Chair Powell warns that rates could rise further

Zoom to lay off 1,300 employees, or about 15% of its workforce

Goldman says these overlooked companies play a key role in a more sustainable economy

Inflation Reduction Act has spurred 100,000 new green jobs so far: Here’s where they are

Fed Chair Powell says inflation is starting to ease, but interest rates still likely to rise

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.