Microsoft (NASDAQ:MSFT) layoffs hit the tech giant’s employees last week as it reduced roles in two of its divisions.
According to the latest reports, the Microsoft layoffs included workers in its product and program management departments. This comes after the end of the company’s fiscal year on June 30.
It makes sense that Microsoft would enter a new fiscal year with layoffs. This is normal for the company as it works to “prioritize and invest in strategic growth areas for our future and in support of our customers and partners.”
Size of the Microsoft Layoffs
It’s unclear how many employees Microsoft cut in this latest round of layoffs. What we do know is that these aren’t the first job cuts announced this year. The company cut 1,000 jobs last month and laid off nearly 2,000 workers in January.
Tech companies have been laying off employees heavily in 2024. That comes as the U.S. continues to deal with high inflation and the increased interest rates the Federal Reserve is using to combat it.
MSFT stock is down slightly as of Monday morning. However, the stock is up 25.5% since the start of the year.
Investors who are seeking out even more of the most recent stock market stories are in luck!
We have all of the hottest stock market news that traders need to know about on Monday! Among that is what’s going on with shares of Nvidia (NASDAQ:NVDA), Morphic (NASDAQ:MORF) and Boeing (NYSE:BA) stock today. All of this news is available at the links below!
More Stock Market News for Monday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
