Microsoft is set to cut 5% of its workforce - or 11,000 roles trends now
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.
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.
Microsoft, headquartered in Washington, is set to axe 11,000 as it becomes latest tech giant to respond to global economic slowdown
Microsoft's share value plummets over the past year as analysts Guggenheim downgrades its stock rating
Earlier this month Amazon revealed it was planning to cut 18,000 jobs - or 6 percent of its workforce - while Facebook-owner Meta laid off approximately 11,000 roles in November.
Meanwhile software provider Salesforce is slashing 8,000 jobs and personal computer manufacturer HP has axed 6,000.
And Twitter owner Elon Musk has come under fire for firing thousands of employees without warning after his $44 billion takeover of the social media giant last year.
Microsoft is now poised to make its own announcement within a matter of days, reports Sky
