After reports of 229 employees being laid off from Elon Musk’s Telsa Autopilot team, there are now reports of retrenchment of employees from Microsoft as well. The company has given a big reason behind it.
Babalbulletin: After Elon Musk’s company Telsa, there are now reports of a layoff at Microsoft as well. The company has cited the economic slowdown as the reason behind this. Employees working in companies around the world are apprehensive after the economic slowdown reached Big Tech companies. At the same time, Satya Nadella-run Microsoft has become the first tech giant to lay off employees as part of the ‘restructuring’. Retrenchment at Microsoft accounts for about 1 percent of its 180,000 employees in its offices and product divisions.
Microsoft told Bloomberg in a statement late on Tuesday that like all companies, we regularly evaluate our business preferences and make structuredural adjustments accordingly.
According to them, they will persist in investing in their enterprise to increase the overall workforce in future days. Microsoft has also reduced hiring in Windows, Teams, and Office groups. Read Also: Best Backup Solutions Of MS Office 365
Microsoft posted strong earnings in its third quarter, with a 26 percent increase in cloud revenue (on-year) and total revenue at $49.4 billion. However, last month, the company revised downwards its revenue and earnings guidance in its fourth quarter.
Twitter has also cut its hiring team by 30 percent, while Elon Musk-run Tesla is laying off hundreds of employees. Other tech companies that have slowed down hiring include Nvidia, Snap, Uber, Spotify, Intel, and Salesforce.
The media reported that cloud major Oracle has recently considered laying off thousands of employees to save up to $1 billion in cost-cutting measures.
