Microsoft to lay off thousands of employees across divisions

Software giant, Microsoft (NASDAQ: MSFT), is preparing to announce job cuts across various divisions starting tomorrow. An estimated 5% of its work force is expected to be laid off. The company has more than 220,000 people globally, including roughly 122,000 people in the U.S., so that percentage represents more than 10,000 jobs. The company is targeting cuts in its engineering divisions, according to Bloomberg, which cited a person familiar with the matter. 

This round of layoffs will be significantly larger than the 1% cut last year. This event, in response to slowing demand and deteriorating economy could be a precursor to further job cuts across the tech sector in early 2023.