Microsoft, an American multinational technology corporation, has cut close to 1,000 jobs globally as its stock price has fallen to 30% in a year.
This occurs in the midst of declining product demand and recessionary anxiety.
Less than 0.5 percent of the 221,000 employees worldwide working for the company were laid off.
An affected longtime staff who was the product manager to the Chief Technology Officer, KC Lemson, and other affected staff have taken to social media to announce the sudden incident.
Microsoft executives, in a statement, explained that the company made structural adjustments as needed.
“Like all companies, we evaluate our business priorities on a regular basis,” the spokesperson said. “We will continue to invest in our business and hire in key growth areas in the year ahead.”
With the announcement, Microsoft becomes the latest company to cut its workforce twice this year amid rampant inflation.
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