Microsoft, an American multinational technology business, has cut off over 1,000 people worldwide as the company’s stock price has declined by 30% in a year.
This comes amid concerns about a recession and a drop in product demand.
The layoffs affect less than half of the company’s 221,000 global employees.
A longstanding employee who was the product manager for the Chief Technology Officer, KC Lemson, and other affected employees took to social media to announce the unexpected incident.
Microsoft officials said in a statement that the corporation made structural changes 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.”
Microsoft is the latest corporation to say that it will reduce its personnel twice this year due to high inflation.
