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Microsoft cutting 10,000 workers as tech layoffs mount
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Microsoft will cut 10,000 workers, the company confirmed on Wednesday.
The move, which will take place at the end of the third quarter, is "in response to macroeconomic conditions and changing customer priorities," according to a filing with the Securities and Exchange Commission.
Additionally, the tech giant will make "changes to our hardware portfolio, and lease consolidation to create higher density across our workspaces. Collectively these actions will result in a charge of $1.2 billion in the second quarter of our 2023 fiscal year, representing a $0.12 negative impact to diluted earnings per share."
Reports of the layoffs were reported by multiple news outlets on Tuesday.
Shares of Microsoft have fallen over 20% during the past 12 months.
OVER 25,000 GLOBAL TECH WORKERS LAID OFF SINCE START OF 2023
In its latest annual report, the tech company said its total full-time headcount at the end of June was 221,000. Of those jobs, 122,000 were located in the U.S.