Microsoft lays off 1,000 staff as shares drop to 30%


American multinational technology corporation, Microsoft, has laid off nearly 1,000 employees worldwide as the company’s shares dropped to 30% in one year.

Microsoft lays off 1,000 staff as shares drop to 30%

This comes amid fear of recession and a decrease in product demand.

The layoffs represent less than half of 1 percent of the company’s 221,000 global employees.

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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