MSFT beat expectations but not by a whole lot. Get the best of Windows Central in your inbox, every day! January 5Crypto lender Genesis Trading reportedly laid off 30% of its workforce, according to the Wall Street Journal, which spoke to unnamed sourcesthe companys second round of cuts since August, lowering its staff to 145. The company is also in the process of acquiring. Satya Nadella, chief executive officer of Microsoft Corp., speaks during a panel session on day two of the World Economic Forum in Davos, Switzerland, on May 24, 2022. Outside of Xbox, Microsoft doesnt have a community or social service thats widely used by consumers, and TikTok, Pinterest, or Discord could have filled that gap. its first round of layoffs . The layoffs affect Microsoft vets like Greg Chapman and KC Lemson, and cut across a broad swath of departments and orgs. We'll update this article with further developments in the coming days. If companies don't have loyalty to their employees, we shouldn't have any loyalty to them. #layoffs #micr, ~45 people laid off today from Microsoft Research in Redmond. January 11BlackRock officials reportedly told employees the New York-based company plans to reduce its headcount by 2.5%the company did not immediately respond to a Forbes inquiry for further details, but in an internal memo obtained by Bloomberg, CEO Larry Fink and President Rob Kapito said the move comes amid uncertainty around us that necessitates staying ahead of changes in the market., January 11In a memo to employees, Flexport CEOs Dave Clark and Ryan Petersen announced plans to slash 20% of the companys global workforce (estimated to affect 662 of its more than 3,300 employees, according to data from PitchBook), saying the supply chain startup is not immune to a worldwide the macroeconomic downturn.. After the pandemic, many companies didn't recover the way they wanted to, and one way to adjust for that is to perform layoffs. March 1Waymos cuts will affect 8% of its workforce, sources familiar with the matter told Reuters and The Information Wednesday, bringing the total number of employees laid off at the company this year to 209, after its parent company Alphabetwhich is also the parent company of Googleannounced a massive round of layoffs affecting roughly 12,000 employees (Waymo did not immediately respond to a request for comment from Forbes). February 1FedEx announced it will slash 10% of its officer and director team and consolidate some teams and functionsfour months after the delivery giant unveiled plans for a hiring freeze and that it would close 90 office FedEx Office locationsin a move CEO Raj Subramaniam said was necessary to make the company a more efficient and agile organization (FedEx employs roughly 547,000 people, according to PitchBook). Despite the high-profile layoffs, the U.S. unemployment rate is hovering near a 54-year low at 3.4%, according to the latest government data, as the labor market remains tight. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. As a contractor at Microsoft, I had an 18-month contract that was dependent on performance, but the layoff ended my contract more than a year early. We want to hear from you. Please refresh the page and try again. 2023 CNBC LLC. And now, here are the 3 employees most at risk during layoffs. Is it for the next round of layoffs? A Division of NBCUniversal. Not sure why these companies hire when they cant afford to keep them. So, don't bother asking the employees. It's pretty sad to see such a big company laying off employees. Tech's 2022 layoffs continue in 2023. Pedestrians walk past a Microsoft Technology Center in New York, U.S., on Wednesday, July 22, 2020. As such, these areas are rarely the source of major cuts in most layoffs. February 16DocuSign unveiled plans to cut 10% of its staff in a Securities and Exchange Commission filing on Thursday, affecting roughly 740 of its 7,400 employeesthe San Francisco-based software companys second round of cuts in less than half a year, after it slashed another 9% of its workforce last November. Access your favorite topics in a personalized feed while you're on the go. Microsoft announced layoffs on Monday for nearly 1,000 employees worldwide, the company confirmed to ABC News. Anyone have insights on how the Microsoft layoff decisions today are being made? Every industry, company, even department has a different risk, but some areas are more vulnerable than others. All Rights Reserved. January 5Online apparel company Stitch Fix will lay off 20% of its salaried staff and close a Salt Lake City distribution center, founder and interim CEO Katrina Lake announced in an internal memo, after laying off another 15% of its staff last June. My TC: $250k (I work at MSR and was one of the ones laid off today) #layoff. It seems more like a planned thing that was coming anyway and not due to recession Updates: 1. Microsoft also laid off its entire "modern life" team in August, dedicated to winning consumers back into the Windows ecosystem from competitors like Apple. It . The basic rule is the closer your job is to the most profitable activities of the company, the lower your risk of layoff. Tue 12 Jul 2022 // 13:30 UTC. Haje Jan Kamps. Various tech companies are making or are expected to make layoffs in the face of current macroeconomic headwinds, owing to increased costs from inflation, disrupted supply chains stemming from China's Covid-19 policies, and Russia's war of aggression in Ukraine. Help Launch Space Satellites Or Fight Cancer With These Startup Jobs, Some Beaten-Down SPACs Recover Amid Tech Rally. I know of some and it seems like it is more driven by group manager discretion than performance, tenure, or recent hire. March 1Citigroups cuts are expected to affect less than 1% of the companys roughly 240,000 employees, sources familiar with the matter told Bloomberg, after the company reportedly cut another 50 trading employees in November (Citi did not immediately respond to Forbes request for details). Update this list at least once a month to ensure that it's current and your memory of events is fresh. When retreating to the core business, companies turn to the quality products that make money. Still, the overall Microsoft staff cuts hit fewer than 1,000 employees at the cloud services and software giant, Business Insider reported. Q.ai - Powering a Personal Wealth Movement, Microsoft announced 10,000 layoffs on January 18, 2023, These layoffs come amid a string of similar announcements from other tech businesses, In his announcement, CEO Satya Nadella noted that the company will refocus on secular growth and long-term competitiveness. If youre having trouble deciding on the best way to invest, consider working with Q.ai. The company is facing slower PC and cloud sales, which could be one of the reasons behind. MS Pay is not great either Whats the motivation for layoff? The Microsoft executive in charge of Office productivity software, Rajesh Jha, in May told his team to obtain permission before opening new roles. Multiple laid-off workers turned to Twitter and Blind, among other online forums, to share that their job had been cut. January 18Teladoc Health will cut 6% of its staffnot including cliniciansas part of a restructuring plan the company announced in a financial report on Wednesday, as the New York-based telemedicine company attempts to reduce its operating costs amid a challenged economic environment.. The move marks the latest sign of weakness among some of the largest U.S. tech companies amid persistent inflation, recession fears and stock market woes. This combined number includes layoffs in November 2022. Microsoft lays off employees across countries. Microsoft says it's open to working with unions, less interested in growth-oriented stocks. With rates rising, investors have more appealing options that are less risky than tech firms. Often people think of staff services like finance, facilities, or human resources when they think of areas of layoff risk. One of the main reasons companies use temporary or contract workers is for this very contingency. Verified info from MS Internal Blind 2. Microsoft also faces stiff competition in areas like cloud technology, which could be challenging to overcome. Follow on Twitter @JezCorden and listen to his Xbox Two podcast, all about, you guessed it, Xbox! A Microsoft spokesperson confirmed the move, which comes three months after the company announced a round of layoffs affecting less than 1% of employees. A Microsoft spokesperson confirmed the move, which comes three months after the company announced a round of layoffs affecting less than 1% of employees. Laid off employees took . In other words, was a rip-the-bandaid approach taken or is there a storm, 1. The conversation has been edited for length and clarity. October 18, 2022 at 5:25 p.m. EDT. If you're essential to one of those products, the odds of losing your job are about equal to the risk of failure of the entire company. Januarys layoffs were primarily driven by public companies, which were responsible for a record 93% of laid-off U.S. tech workers that month. by Joe Panettieri Oct 18, 2022 Microsoft layoffs have impacted some employees across the Xbox division, and the Strategic Missions and Technology organization. Microsofts job cuts are the latest in a slew of layoff announcements. I am telling him to stay positive, we don't know why yo. Are these layoffs signs of future struggles for the business or just a proactive step to reduce costs now that people fear an oncoming recession? Cutting 10,000 jobs, equal to about 5% of its workforce, gives Microsoft significant savings on wages and benefits. After my last few years of experience in the job market, I don't believe in company loyalty. A new round of layoffs happened at Microsoft today in an org called MLX. All eyes will now be on Microsofts hire of Manik Gupta last year, the former head of product at Uber. When I first realized that I may be laid off, I immediately called my mom and we prayed together. Anyone knows which departments are affected? I heard they arent gonna drag it to end of March. That shift has made investors less interested in growth-oriented stocks such as Microsoft, whose shares have declined about 22% since the start of the year, while the larger S&P 500 index is down 19% over the same period. We will continue to invest in our business and hire in key growth areas in the year ahead.". https://www.seattletimes.com/business/microsoft-cuts-10000-jobs-about-5-of-global-workforce/ The argument was always, Its pay in exchange for job security. Doesnt seem like that reason to stay holds water anymore. January 24Cryptocurrency exchange Gemini is planning to cut 10% of its workforce, according to an internal memo seen by CNBC and The Information, with layoffs estimated to affect 100 of its roughly 1,000 employeesits latest round of cuts after it slashed 7% of its staff last July, and another 10% last May. Thoughts? Are they just doing it weekly as they go? Amazon's retail division decreased its 2022 hiring goal as well, Insider reported in May. I think that camp is in really big trouble until they can actually justify their valuation, Nolan Church, CEO of consulting firm Continuum and former peoples executive at stock option management platform Carta, told me. Mapping out the future of AR, ThirdEye is taking on Google and Microsoft in real-life scenarios. According to TechCrunch,. These layoffs come after all three businesses added to their payrolls during the pandemic years. All Rights Reserved, By submitting your email, you agree to our. Look Lenovo's way to find out. Tiana Watts-Porter is a 25-year-old tech recruiter who started at Microsoft in May. Keeping your rsum current can help you not only weather the looming storm, but it will give you confidence that you can bounce back regardless of your layoff risk. We continue to invest in certain areas and grow headcount in the year ahead." Microsoft is laying off hundreds of . Business Insider now reports that Microsoft is laying off that team, and telling the roughly 200 affected employees to find another position at the company or take severance pay. More than 120 large U.S. companiesincluding tech startups, major banks, manufacturers and online platformsconducted major rounds of layoffs last year, cutting nearly 125,000 employees, according to Forbes layoff tracker. Bonnie Ross, who led the 343i team developing the Halo franchise, famously left the company a few weeks ago following ongoing criticism of Halo Infinite. 2023 Vox Media, LLC. February 6Texas-headquartered Dell Technologies, which owns PC-maker Dell, could cut roughly 6,650 employees, reportedly citing uncertain market conditions in their decision to move beyond earlier cost-cutting measures, while analysts noted a crash in demand for personal computer productswhich makes up the majority of Dells salesafter a pandemic high. Find the right companies, identify the right contacts, and connect with decision-makers with an all-in-one prospecting solution. If you are involved in planning events, for example, those are some of the first things that companies cut when times get tight. Jez Corden a Managing Editor at Windows Central, focusing primarily on all things Xbox and gaming. In July, Microsoft called for about 10% revenue growth in the fiscal first quarter, slower than it's been in more than five years. Microsoft will lay off about 1,000 employees, the company confirmed Tuesday. Plus, Microsoft admitted that the layoffs would cost the business about $1.2 billion in severance and other costs. In his memo, Nadella said that the company would continue to invest in strategic areas for our future, meaning we are allocating both our capital and talent to areas of secular growth and long-term competitiveness for the company, while divesting in other areas.. The German enterprise software firmwhose U.S. headquarters are in Pennsylvaniasaid the layoffs were part of an effort to cut costs and strengthen focus on its core cloud computing business. I anticipate as economy worsens and gdp gets worse, next quarter they will not meet wall streets expectations. !function(e,i,n,s){var t="InfogramEmbeds",d=e.getElementsByTagName("script")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement("script");o.async=1,o.id=n,o.src="https://e.infogram.com/js/dist/embed-loader-min.js",d.parentNode.insertBefore(o,d)}}(document,0,"infogram-async"); Wheres this change coming from? January 31Publishing giant HarperCollins announced it would slash 5% of its staff in the U.S. and Canada as the publisher struggles with declining sales and unprecedented supply chain and inflationary pressures; HarperCollins is estimated to have roughly 4,000 employees worldwide, with more than half of them working in the U.S., the Associated Press reported. The conversation has been edited for length and clarity. #tech #microsoft, It seems official now. MS Stocks and financials seem stable than others 3. January 9Goldman Sachs could lay off as many as 3,200 employees in one of the biggest round of job cuts so far in 2023 as the investment banking giant prepares for a possible recession, multiple outlets reported, citing people familiar with the job cuts. Microsoft Corp. (Nasdaq: MSFT) did not say if and how its reported layoffs across multiple divisions will impact its New England hub. Why would I be the exception? In fact, for U.S.-focused startups, February was the second-largest layoff month after November 2022. Microsofts stock price fell after the announcement, following the markets downward trend for the day. Gupta is responsible for Microsoft Teams consumer, Skype, and GroupMe, and hes focused on building consumer experiences across Microsoft. The software maker called for the slowest revenue growth in more than five years in the quarter that ended Sept. 30. I thought they already did one round of layoffs. 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.

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