Best economic recovery in history, Jack!
From The Daily Wire:
Microsoft CEO Satya Nadella revealed on Wednesday morning that the company would dismiss some 10,000 employees over the next several months to reduce costs amid a challenging economic climate.
The layoffs will impact approximately 5% of the software company's overall workforce, which currently includes 122,000 domestic employees and 99,000 international employees. Microsoft confirmed the layoffs in a regulatory filing and a memo to staff members in which Nadella said the company would battle economic headwinds while investing in new technology.
The jobs are disappearing, and with new technology and streamlining, it looks like they may never come back.
That's 10,000 more people out of a job at a Big Tech company who will now be asking what size latte you want.
Shares for Microsoft were flat in the first hour of trading on Wednesday morning against a 0.5% increase in the S&P 500 and a 0.8% increase in the technology-heavy NASDAQ. The company's stock price fell more than 20% over the past year against a 12% decline in the former index and a 22% drop in the latter.
Oof.
Nadella added 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." He remarked that artificial intelligence represents "the next major wave in computing" and said Microsoft is working to create platforms using the world's most advanced models.
Microsoft experienced a 14% decrease in net income as of the first quarter of fiscal year 2023 even as revenues increased 11%, according to an earnings report.
But, but... I was told that America was back and that more people have been hired now than ever.
Joe Biden's economy is supposed to be kicking butt, right?
Facebook, Twitter, Buzzfeed, Amazon, and many other tech companies are also cutting back on employees because of Joe Biden's economic failures.
