MSFT Cuts 10,000 Jobs
Microsoft Inc., one of the world’s largest and most successful technology companies, has announced that it is cutting 10,000 jobs, or almost 5% of its workforce, in response to “macroeconomic conditions and changing customer priorities.” The news was revealed in a regulatory filing on Wednesday and employees have already been notified of the layoffs, with some beginning immediately.
The company, which has been a leader in the technology industry for decades, has been affected by the ongoing global pandemic and the resulting economic downturn. The company has seen a shift in customer priorities, with many businesses and individuals opting for more cost-effective solutions in the face of economic uncertainty.
In addition to cutting jobs, Microsoft also announced that it will be making changes to its hardware portfolio and consolidating its leased office locations. The company’s CEO, Satya Nadella, stated that the layoffs represent “less than 5% of our total employee base, with some notifications happening today.” He went on to say that “while we are eliminating roles in some areas, we will continue to hire in key strategic areas.”
Nadella emphasized the importance of building a “new computer platform” using advances in artificial intelligence. He stated that the company is committed to investing in research and development, and will continue to focus on areas such as cloud computing, artificial intelligence, and virtual and augmented reality.
This news comes as a surprise to many, as Microsoft has been one of the most successful and stable companies in the technology industry in recent years. The company has a strong financial position and has been consistently profitable, making it one of the few technology companies that has been able to weather the economic downturn caused by the pandemic.
However, this news highlights the ongoing challenges faced by businesses and employees in the current economic climate. The technology industry, like many others, is facing an unprecedented level of uncertainty and change, and companies are having to make difficult decisions in order to stay afloat.
For the affected employees, this news will undoubtedly be difficult to hear. Losing a job is never easy, and the current economic conditions make it even harder for those affected to find new employment opportunities. Microsoft says theycwill be providing support and resources to help the affected employees transition to new roles.
Microsoft’s announcement of cutting 10,000 jobs is a reflection of the ongoing challenges faced by businesses and employees in the current economic climate. The company is taking steps to adapt to the changing customer priorities and macroeconomic conditions, while also investing in key strategic areas such as AI and cloud computing.
Microsoft Stock Forecast
Based on the Microsoft Corporation stock forecasts from 28 analysts, the average target price for the company’s stock over the next 12 months is USD 293.73. This indicates that the majority of analysts believe that the stock is likely to rise in value over the next year. Additionally, the average analyst rating for Microsoft Corporation is “Strong Buy,” which suggests that most analysts have a positive outlook on the company’s future performance.
At the most recent closing, Microsoft’s stock price was USD 240.35. Microsoft’s stock has changed by +5.03% over the past week, -1.77% over the past month and -22.52% over the last 12 months.