Guess Who is Axing Thousands of Jobs? It is Microsoft

Oct 19, 2022

Guess Who is Axing Thousands of Jobs? It is Microsoft

Twitter, Tesla, Netflix, Coinbase, Snap, Shopify, Oracle, and Crypto.com all have something in common.

After months of aggressive hiring, all had laid off employees in the previous several years. The problem has been especially acute in the technology industry, which is prone to hiring booms in good times and layoffs in bad.

According to the business portal Crunchbase, almost 44,000 tech employees have lost their employment since the beginning of 2022.

Microsoft is the most recent technology corporation to join the layoff bandwagon. The internet behemoth employs 221,000 employees worldwide and, according to a report by Axios, cut off slightly under 1,000 of them across numerous professions and departments.

Microsoft Reported That Layoffs Are True

"Like all firms, we reevaluate our business goals on a regular basis and make structural modifications accordingly," a Microsoft representative told TheStreet. "We will continue to invest in our business and hire in important growth areas in the next year."

While the layoffs affect fewer than 1% of Microsoft's overall staff, several former workers flocked to Twitter to emphasize how the layoffs caught them by surprise after being hired amid a hiring boom.

Microsoft boosted its employment by more than 22%, or over 40,000 workers, between 2021 and 2022.

"Who has two thumbs and was recently laid off from Microsoft this morning?" On Twitter, KC Lemson, who joined Microsoft more than 20 years ago and worked on technologies such as Outlook, Exchange, Windows Phone, and Surface, wrote.

Instead of mass layoffs, several businesses have stopped employment. In September, Facebook and Instagram parent company Meta announced a hiring block for the remainder of the year.

"I had anticipated the economy would have more obviously steadied by now," creator Mark Zuckerberg stated during a Q&A session. "However, based on what we're seeing, it doesn't appear to have, so we want to prepare cautiously."

The Untold Story of The Tech Layoffs

Because the computer business has long been perceived as one that offers both high incomes and stability, each company's layoffs receive considerable media coverage.

While rising borrowing rates and inflation are certainly sending shockwaves through the business following a lengthy era of expansion, the situation is not uniform across the country.

While the number of tech employment in San Francisco stayed steady between July and August, research conducted by the Center for New York City Affairs discovered that tech jobs in New York increased by 4% between February and August.

At 3.5% in September, the US unemployment rate is likewise historically low, indicating that restructuring is more likely than a full-fledged recession.

Some have also projected a gradual shift away from Silicon Valley, citing the fact that more than four out of every ten job advertisements for IT jobs are now located outside of California, Oregon, and Washington.

However, at least in the near term, one industry area that is in peril is the IT recruiter.

According to a new interviewing.io research of large IT businesses, layoffs affected 50% of recruiters and 48% of HR personnel.

"I was basically instructed not to source," Tim Nelson, who worked on DocuSign's sourcing team for six months before being laid off, told Protocol. "Now I am completely understanding why I got fired."

Subscribe Our Newsletter

Stocks Won’t Sink Forever. Here Are Cheap Plays on the Market’s Recovery
Stocks Won’t Sink Forever. Here Are Cheap Plays on the Market’s Recovery

BlackRock's shares, which are currently trading at $585, have returned to where they were in early 2018, when the company's assets under management were $6 trillion. The stock is currently trading at 15 times estimated 2022 profits and yields 3.3 percent. Warren estimates a fair value of $880 per share.

Stocks
6 Bank Stocks for 2022 With Diversified Revenue Streams and Strong Management
6 Bank Stocks for 2022 With Diversified Revenue Streams and Strong Management

"Regardless of industry, economic, or other conditions, the two banks' management teams will find a way to create greater long-term returns for investors," Cooper told Barron's.

Stocks
Get the ultimate solution: B2BinPay Get the ultimate solution: B2BinPay
Sponsored
Liquidity Provider

ETF liquidity: Looking for a Trustworthy Provider
Let's find out what are ETF funds and investment instruments, who are ETF Liquidity Providers and what are key criteria of a reliable ETF Liquidity Provider.

discover
Investment Priorities Plan - Definition

Alexander

What Is an Investment Priorities Plan?

In this article, we will delve into the investment priorities plan meaning, the importance of IPPs, how they are used, and how one can create such a plan for their own business.

Investing
Contact us bg

Contact Us

Contact the Liquidity Provider
for any questions and advertising inquiries

    Please fill out this contact form to get in touch with us

    / 3000

    By clicking “Get in touch” button, you agree to the privacy policy

    Successful!
    Thank you for your request.
    We will contact you shortly.
    Close

    Сonstantine

    Internal vs External Range Liquidity In ICT Trading Explained

    Internal vs External Range Liquidity In ICT Trading

    Constantine

    Portfolio Backtesting — Tools, Metrics, and Methods Explained

    Portfolio Backtesting

    Сonstantine

    ICT Trading Explained: Smart Money Concepts, Tools and Setups

    ICT Trading Explained

    Сonstantine

    CFD Trading Strategies: A Practical Guide to Risk and Execution

    CFD Trading Strategies

    Alexander

    What is a Fair Value Gap? A Guide to Trading Market Imbalances

    What is Fair Value Gap

    Vitaliy

    Triangle Patterns in Trading: Mastering Ascending, Descending & Symmetrical Strategies for Maximum Profit

    Triangle Patterns in Trading: Ascending, Descending & Symmetrical Guide

    Alexander

    What Is COTI? Payments, Token & Price Prediction

    What is a COTI coin

    Constantine

    Best Copy Trading Software in 2025

    Best Copy Trading Software in 2025

    Alex

    What Is an AI Agent? The Future of Finance Explained

    AI Agent Explained

    Constantine

    How to Start a Liquidity Provider Business?

    How to Start a Liquidity Provider Business

    Constantine

    How to Start a White Label Brokerage?

    How to start a white label brokerage

    Constantine

    How to Start a Multi-Asset Brokerage?

    How to Start a Multi-Asset Brokerage

    Hazem

    Crypto Ransomware – How They Happen and How to Avoid Them

    Crypto ransomware explained

    Constantine

    Best Web3 Browsers in 2025

    Best Web3 Browsers

    Constantine

    Best DAO Projects in 2025

    Best DAO projects in 2025

    Alexander

    Crypto Nodes That Pay: Your 2025 Guide to Top Passive Income Opportunities in Crypto

    crypto nodes that pay

    Alex

    Pi Network: Scam or Groundbreaking Crypto? The Full Analysis

    Pi Network Explained

    Constantine

    Triple Net Lease: Meaning, Benefits, and Strategies Explained

    Triple Net Lease

    Constantine

    Hanging Man Pattern: How to Identify and Trade It Effectively

    Hanging Man Pattern

    Alex

    5 Infinite Banking Mistakes That Could Cost You Thousands

    Infinite Banking Mistakes to Avoid

    Aleksander

    Solana Firedancer: Solving Solana’s Biggest Problems with a New Engine

    Solana Firedancer explained

    Alexander

    What Is an Interest Coverage Ratio? How to Use This Financial Metric to Evaluate Company Health

    Interest Coverage Ratio Explained

    Hazem

    After-Hours Trading: Can You Trade After Financial Markets Close?

    After-Hours Trading Explained

    Alexander

    How to Scale a Crypto Exchange Business and Stay Competitive

    how to scale crypto exchange business
    liquidity-provider-logo
    • News
      • Stock Market Forecast
      • Stocks
      • Banks and Finance
      • Companies
      • Crypto
      • Forex
      • AI
      • Technology
      • DeFi
      • NFT
    • Articles
      • Crypto Payments
      • Trading
      • Crypto Exchange Business
      • Forex Business
      • Fintech
      • Liquidity
      • FinTech Awards
      • Blockchain
      • Investing
      • NFT
      • DeFi
    • More
      • Videos
      • Liquidity Providers List
      • Crypto Payment Providers
      • White Label Brokerage Platforms
      • Broker CRM Platforms
    [email protected]

    © 2024 Liquidity Provider. All Rights Reserved

    Privacy Policy Cookie Policy
    This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.