Opinion: Microsoft Cuts Nearly 1,000 Jobs, Expect More Layoffs In 2022
NDTV
Microsoft Corp. on Monday provided an omen of what's to come, when it confirmed that it had cut jobs across multiple divisions including its Xbox unit, numbering under 1,000 people.
Mass layoffs are one of the more painful consequences of a looming economic recession, and the high-flying and well-funded tech industry isn't immune.
Microsoft Corp. on Monday provided an omen of what's to come, when it confirmed that it had cut jobs across multiple divisions including its Xbox unit, numbering under 1,000 people. That pullback follows news last week that Intel Corp. was planning thousands of job cuts in the face of a slump in PC sales.
Similarly, Facebook parent Meta Platforms Inc. will be "smaller" by the end of 2023, Chief Executive Officer Mark Zuckerberg recently told staff, when he shared sweeping plans to reorganize the company's teams and reduce headcount for the first time ever. Faced with plunging stock prices, both Netflix Inc. and Snap Inc. laid off workers this summer.
Expect more companies to follow. A worsening economic outlook means tech businesses will be looking for ways to trim costs while also signaling to investors that they are willing to rein in their sometimes-profligate ways in the face of changing conditions.
