Microsoft Announces Massive Job Cuts As Layoffs In Tech Sector Continue

Microsoft is planning to cut down 10,000 jobs by the end of the third quarter of fiscal 2023, Reuters reported. This comes at a time when all major tech companies are announcing huge layoffs.

Microsoft said that the layoffs will result in a charge of $1.2 billion in the second quarter of fiscal 2023.

CEO Satya Nadella cited the recession in some parts of the world as a reason for the layoffs. "At the same time, the next major wave of computing is being born with advances in AI," Reuters quoted him as saying.

The tech sector has been witnessing layoffs lately with bigwigs. Amazon earlier this month announced to slash 18,000 jobs, while Meta announced 11,000 job cuts in November 2022.

Over 97,000 job cuts were announced in 2022 in the tech sector, according to outplacement firm Challenger, Gray & Christmas. This is the highest since 2002, Reuters reported.

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