Microsoft Corp. has announced further job cuts in addition to the 10,000 layoffs previously announced this year. The recent round of cuts, which primarily targets employees in customer service, support, and sales, was reported by GeekWire. While the precise number of layoffs remains undisclosed, a filing with Washington state’s Employment Security Department confirmed that 276 workers in the Seattle area will be affected.
Despite requests for comment, Microsoft has not yet responded.
To reduce costs, Microsoft’s CEO Satya Nadella announced in January that approximately 10,000 jobs would be eliminated, constituting less than 5% of the company’s global workforce. The new fiscal year for Microsoft commenced on July 1.
Overall, the tech industry has witnessed substantial layoff figures this year, surpassing the total tech-industry layoffs for 2022. More than 216,000 tech workers worldwide have already lost their jobs.
In terms of stock performance, Microsoft shares have seen an impressive surge of 38% year-to-date. This surpasses the 2.4% gain by the Dow Jones Industrial Average (which includes Microsoft as a component) and the 15% gain by the S&P 500.