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Microsoft (MSFT) announced on Wednesday that it is laying off 10,000 workers as part of an effort to cut costs at the tech behemoth. The layoffs impact roughly 4.5% of Microsoft’s 221,000 total employees.
The cuts are expected to be completed by Microsoft’s fiscal Q3, which ends March 31. Microsoft says the layoffs will result in a $1.2 billion charge, representing -$0.12 per share. The Redmond-based company previously announced layoffs in October, shedding as many as 1,000 jobs, according to Axios. In July, Microsoft laid off approximately 1% of its workforce. In May, the company announced it was slowing hiring in its Windows, Office, and Teams divisions.
“As we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimize their digital spend to do more with less,” Microsoft CEO Satya Nadella said in a statement.
“We’re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one. At the same time, the next major wave of computing is being born with advances in AI, as we’re turning the world’s most advanced models into a new computing platform.”