Microsoft is set to axe thousands of jobs, following in the footsteps of tech giants Amazon and Meta which have also announced huge cutbacks in recent months.
The software giant, founded by billionaire Bill Gates, is reportedly slashing 5 percent of its 220,000-strong international workforce.
READ ALSO: Microsoft Lays Off Nearly 1,000 Staff Worldwide Amid Fears Of A Recession
That means up to 11,000 employees will lose their jobs – though insiders speculate the actual figure could be even higher.
On Tuesday, Microsoft’s shares were trading at $240.16, down over 20 percent from last year.
Big technology companies are being forced to reduce their workforces in response to signs of a global economic slump, after many recruited tens of thousands of additional employees during the pandemic.
