Microsoft confirms 10,000 job cuts by end of Q3
Microsoft Corp. announced on Wednesday in a securities filing that it plans to lay off about 10,000 employees by the end of the third fiscal quarter of 2023.
The decision was taken "in response to macroeconomic conditions and changing customer priorities," and will further include changes to the company hardware portfolio and lease consolidation to create higher density across its workspaces. "Collectively these actions will result in a charge of $1.2 billion in the second quarter of our 2023 fiscal year, representing a $0.12 negative impact to diluted earnings per share," the tech giant estimated.
Media reported yesterday that Microsoft aims to cut its workforce by around 5% amidst the global economic slowdown. The company's earnings report for the second quarter of fiscal 2023 is scheduled to be released next week.