Microsoft is also cutting jobs

A Microsoft official confirmed that the company has laid off additional workers as its revenue is expected to slow due to lower sales of Windows licenses for PCs, reports CNBC.

The move coincides with efforts by tech companies large and small to cut costs. Meta Platforms and Salesforce are among those Silicon Valley companies that slowed their hiring pace in 2022, while Coinbase, Netflix, and others resorted to layoffs.

“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” a Microsoft spokesperson told CNBC. “We will continue to invest in our business and hire in key growth areas in the year ahead.”

In July, Microsoft forecast revenue growth in the first fiscal quarter of about 10%, slower than in the last 5 years. The company will announce its profit on October 25.

Earlier it became known that Microsoft Office will be renamed Microsoft 365.