Technology giant Microsoft (MSFT) plans to announce more job cuts as it prepares for a prolonged slump in demand.
Specifically, the Seattle-based company plans to cut engineering positions. In the last year, Microsoft has reduced its global workforce of more than 200,000 people by about 1%.
Microsoft is the latest technology company to reduce its headcount. Amazon (AMZN), Meta Platforms (META) and Salesforce (CRM) have each cut thousands of jobs in recent months.
Microsoft says it is preparing for a prolonged slowdown in global demand for its software and related services.
The company is expected to post a sales gain of 2% when it announces its latest earnings on January 24. That would be the slowest revenue growth since 2017.
Microsoft’s stock has declined 20% in the last year to trade at $240.35 U.S. per share.
