Tech giant Microsoft joins the meta-cutting workforce amid fears of a recession and laid off nearly 1,000 employees worldwide as share price plunges 30%.
The layoffs represent less than half of 1 percent of the company’s 221,000 employees worldwide
According to Business Insider, the job cuts affect everything from Microsoft’s Xbox console gaming division to its cutting-edge Microsoft Strategic Missions and Technology organization.
Some former employees have now taken to Twitter to confirm the unfortunate news, with even KC Lemson, a longtime employee and product manager in the office of the Chief Technology Officer sharing that she was affected.
The news comes as shares of the tech company fell nearly 30 percent over the past year amid persistent inflation and decreased demand for products as people return to their offices.
In a statement, Microsoft executives said:
‘Like all companies, we evaluate our business priorities on a regular basis and make structural adjustments accordingly.
‘We will continue to invest in our business and hire in key growth areas in the year ahead.’
Microsoft is the latest large tech firm to announce cuts to its workforce as the industry continues to battle rampant inflation.