TELETRADER News
1/18, 2:03 PM
(Source: TeleTrader)
Microsoft+1.01%
Nadella: Tech undergoing demand normalization
Microsoft Corp. CEO Satya Nadella said on Wednesday that tech companies are going through a phase of "normalization of demand" following rapid acceleration during the COVID-19 pandemic. He added that the tech sector is not immune to global economic trends and that it has been affected by the current weak inflation-adjusted economic growth.
Speaking at the World Economic Forum, Nadella predicted that tech firms will have to increase efficiency and "do more with less" for some time, but that the industry's overall contribution to economic growth will increase as it comes out of the current cycle. A report on Tuesday suggested Microsoft is considering laying off as many as 11,000 employees or 5% of its workforce.