Microsoft Corp. (MSFT) announced layoffs for nearly 1,000 workers after its earnings dipped. The Redmond, Washington-based company said in July that it planned to cut a number of roles, representing less than 1% of its 200,000-plus employees.
The company has not explicitly stated how many staff would be impacted with the latest downsizing push. However, nearly 1,000 employees are said to be affected, Axios reported.
“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead,” a Microsoft spokeswoman said.
The move follows similar strategies at other tech firms, including Meta, Uber and Google. Meta said it would cut costs by at least 10%, while Uber announced hiring freezes last month. Google, meanwhile, recently said it would discontinue its Stadia service and divert employees affected to other departments.
After its last earnings report in July, Amy Hood, Microsoft’s CFO, said the company would “slow the rate of hiring to focus on key growth areas.”
Microsoft shares have fallen around 30% so far this year, per the Nasdaq Composite Index. The company’s earnings growth sank through June, as it was hit by struggles in its cloud business, falling videogame sales, and a soaring dollar.
Shares of Microsoft on Tuesday were at $238.49, up $0.96, or 0.40%, as of 2:30 pm ET.