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Wednesday Feb 08, 2023

Microsoft Layoffs 2023 | Microsoft will lay off on a large scale, 11000 employees will get ‘pink’ slips today


microsoft

File pic

New Delhi. According to the big news coming from the field of business and employment, Microsoft, the world’s number one software company, is going to lay off thousands of employees today. According to the information of private news agency Reuters, citing Sky News on the matter, Microsoft will sack 5% of its workforce or say around 11000 employees today.

There were layoffs last year as well

Significantly, in the last few days, there have been continuous reports of retrenchment of employees. Now the name of a giant company like Microsoft has also been added to this list. According to the information received, this is going to be the biggest layoff of the company so far. Last year also during the Corona period, Microsoft had laid off 1%. That is, in October last year, the company had taken out about 1000 employees. The consultant and customer and partner solutions departments were then hit by layoffs.

reason for layoff

On the other hand, if the Reuters report is to be believed on the matter, in fact, Microsoft is under heavy pressure regarding its cloud unit Azure. Due to the prolonged decline in the personal computer market, the company is also suffering a lot in sales of Windows and devices. According to another report, as of June 30, 2022, the company had 2,21,000 full-time employees, of which 1, 22,000 were serving in the United States and 99,000 in other countries of the world.

Be aware that in the first 6 days of January this year, a total of 30,611 people from 30 private companies have been fired like this. This includes, apart from Amazon, video hosting platform Vimeo, tech giant Salesforce, crypto exchange Huobi and several other large companies. At the same time, this move of Microsoft now indicates that there will be a shortage in technical sector jobs as well.



share market | Stock market falls for third consecutive day, Sensex slips below 61,000 mark


Sensex

file photo

Mumbai: Despite a positive global trend, major stock indices could not hold on to early gains on Thursday and ended with losses for the third consecutive trading session. Earlier on Wednesday, the details of the meeting of the Monetary Policy Committee of the Reserve Bank of India were released, which affected the market sentiment.

Despite a positive opening, the 30-share BSE Sensex could not hold on to gains and ended the day down 241.02 points, or 0.39 per cent, at 60,826.22. Similarly, the National Stock Exchange’s Nifty fell 71.75 points, or 0.39 percent, to close at 18,127.35.

Mahindra & Mahindra, Bajaj Finserv, IndusInd Bank, Tata Motors, Tata Steel, Larsen & Toubro, Axis Bank and NTPC were among the losers in the Sensex pack. On the other hand, UltraTech Cement, Infosys, Asian Paints, Kotak Mahindra Bank, Sun Pharma and Bharti Airtel were among the gainers.

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Vinod Nair, head of research, Geojit Financial Services, said, “The positive trend in global markets also failed to enthuse domestic equities. The release of the minutes of the Reserve Bank’s Monetary Policy Committee (MPC) meeting also led to selling in the domestic market as the central bank made some tough comments.

RBI Governor Shaktikanta Das had said that the mistake of pausing policy action at this juncture could prove costly. The central bank said that the fight against inflation is not over. Prime Minister Narendra Modi held a high-level meeting on Thursday to review the situation in the country in view of the increasing infection of Kovid-19 in China and some other countries.

Mohit Nigam, Fund Manager, Hem Securities, said that despite the strength in the global markets, the enthusiasm of the domestic markets soon faded due to increasing cases of Kovid-19 infection in China, Japan, Korea and Brazil. In the broader markets, BSE Smallcap fell 1.83 per cent and Midcap 0.77 per cent.

Sector-wise, industrial index declined by 1.78 per cent, utility by 1.60 per cent, capital goods by 1.57 per cent, electricity by 1.49 per cent, realty by 1.33 per cent and vehicle by 1.05 per cent. In other Asian markets, South Korea’s Cospi, Japan’s Nikkei and Hong Kong’s Hangseng ended with gains, while China’s Shanghai Composite closed lower.

European markets were trading higher in mid-session deals. US markets closed with gains on Wednesday. International oil benchmark Brent crude climbed 0.99 per cent to $83.01 per barrel. Foreign institutional investors (FIIs) sold shares worth a net Rs 1,119.11 crore on Wednesday, according to provisional data from the stock market. (agency)



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