Microsoft is laying off 10,000 employees, becoming the latest tech giant to cut its workforce.

Microsoft Laying Off 10,000 Employees

elsewhere amazon not the only tech giant cutting staff turns out about 10,000 Microsoft employees are being laid off today. So take a look at shares of Microsoft. They're down on this restructuring news and cheddar news has reviewed the blog post and internal communications about the layoffs. Microsoft says it's part of cost cutting measures tied to revenue and consumer demand and the ceo satya Nadella noting two additional key goals, investing for the company's future and treating people with respect and acting it transparently well. Nadella describing the current moment as showtime for the company riding in a note to employees shared with cheddar news that the company must raise the bar against competitors and Wedbush is dan Ives. This is the industry insider mentioned earlier in a note today, he referred to the technology sector as a category five near term economic storm yikes adding that it's a quote rip the band Aid off moment to save margins and cut costs. Something investors will reward. Well, I think it is worth noting Microsoft stock despite the news today is actually down. So investors not rewarding these decisions today. But as we've been covering here on closing Bell with our own keen insight for months. Now we know a lot of these technology did over higher as they try to get back on their feet earlier in the pandemic and that did create more costs when the demand actually was not there. So that's one of the reasons that we've seen these stocks underperforming in addition to higher interest rates