'Unfortunate conditions around the world make companies take difficult decisions.'
Microsoft Corp is seen to be under the pressure of the economic slowdown when it had to make a decision to stop nearly 1,000 of its employees.
According to internal sources, Microsoft leads the list of technology companies in making decisions to lay off employees and reduce labor recruitment due to the global economic slowdown.
As of June 30, Microsoft is said to have shed nearly 1% of its workforce and now has only around 221,000 people.
A company spokesperson commented, Microsoft is like other companies that had to take the best decision by having to reduce the workforce to balance the business.
Also accompanying the decision is the announcement of a reduction in the rate of new hires in the company which is expected to last until the end of the year.
For the record, technology companies including Meta Platform Inc. up to Snap Inc. had to decide to lay off or stop hiring to compensate for the impact of the economic slowdown.
Factors such as high inflation rates that drive aggressive rate hikes and risk recession have been the main cause of companies struggling with weak economic growth.
In addition, the war crisis in Europe which caused supply issues and restrictions in China further clouded the prospects for economic growth.
Meanwhile, Microsoft is expected to release its corporate earnings report next week while the company's shares are up 0.41% at $238.50 at the time of writing.
