Microsoft Corporation (NASDAQ:MSFT) is one of the best beaten-down technology stocks to buy now.
On July 1, Business Insider reported that Microsoft Corporation (NASDAQ:MSFT) is poised to cut its workforce by under 2.5%
The cut, which will affect thousands of employees, is part of an effort to control costs. Photo by Microsoft 365 on Unsplash The cuts will mostly affect personnel in sales and consulting. In addition, the company is targeting cuts at the Xbox gaming division.
Microsoft has set a precedent of cutting jobs at the start of a new fiscal year. Last year, it eliminated 6,000 roles in May and an additional 9,000 roles, representing 4% of its total workforce, in July. The wave of job cuts underscores the tech giant’s bid to lower operating costs as it ramps up spending on artificial intelligence.