Microsoft Layoffs, MSFT Stock Price Has Plummet 30%

LAGOS (CoinChapter.com) — Tech giant Microsoft is the latest company to cut down on the number of staff as 2022 continues to witness major layoffs of workers across different sectors due to the economic downtrend.

In detail, a new report disclosed that Microsoft has sacked around 1,000 people in a fresh round of layoffs. The recent sacking reportedly represents the third round of layoffs from the tech giant since July.

Recall that Microsoft had fired nearly 1% of its 180,000-strong workforce across offices and product divisions in July as part of a “realignment”. The company also sacked another 200 employees from one of its customer-focused R&D projects in August.

The current layoff cut across the company as reports indicated that workers from the Xbox console gaming division to the Microsoft Strategic Missions and Technology organization were sacked. KC Lemson, Microsoft product manager via Twitter announced that she was also let go by the tech giant.

However, Microsoft in a statement has posited that only a small number of employees were laid off. The company argued that after proper evaluation it decided to make the necessary structural adjustments by laying off certain workers.

“Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities regularly, and make structural adjustments accordingly. […] We will continue to invest in our business and hire in key growth areas in the year ahead.”

Microsoft said.

Microsoft Staff Reacts To Layoffs

Meanwhile, many Microsoft staff that have been laid off have taken to Twitter to express their displeasure with the situation. Greg Champman who was working on Microsoft’s Azure tweeted that he’d been laid off. Chapman was on a team making realistic 3D simulations for government organizations.

Jeff Peterson, a former software engineer at the tech company said the current situation has him worried. In fact, several others workers in the company have noted that they’re growing nervous about their job security.

“Seeing layoffs at Microsoft has me a bit freaked out… I have never been in a position of potentially losing a job until after I retired from the Navy so seeing this happening has me a bit on edge.”

Peterson said.

Additionally, another concerned user also forecasted that more layoffs might occur if some of the tech giant projects fails to yield more profit. “[…] I can see more layoffs if gamepass doesn’t get a huge surge of subscribers in the coming months,” @stevej_elstone noted.

Microsoft (MSFT) Stock Price Has Plummet 30%

It is worth noting that Microsoft isn’t the only company that has carried out a series of layoffs this year. Amid the economic downturn, many tech companies have been forced to make budget cuts and substantial drop-offs in stock prices.

For instance, Microsoft stock (MSFT) year-to-date performance has dropped by almost 30% as the tech giant continues to struggle to make profits on its various projects. MSFT stock on the day was down by almost 1% and trading $237.

More Than 32,000 Tech Workers In US Fired In H1 —Report

Notably, Crunchbase disclosed that over 32,000 workers in the US tech sector were sacked in the first half of the year. Major companies like Uber, Netflix, and several cryptocurrency exchanges were also among companies that had cut jobs.

Additionally, tech giants including Twitter, Tesla, Shopify, Snap, and Oracle have also had to cut staff recently. Meanwhile, companies including Meta and Apple are freezing the hiring of new staff.

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