Microsoft cuts 11,000 jobs in latest staff cull to hit the tech sector

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Microsoft jobs fear in the UK as tech giant announces it will cut 5% of its global workforce

Microsoft is cutting thousands of jobs in its latest hiring round to hit the tech sector.

The US giant is expected to announce plans to cut about 5 percent of its global workforce, amounting to about 11,000 employees, though the final figure could be even higher.

It was unclear exactly where Microsoft would take the axe, as the group employs around 6,000 people in the UK.

Cut jobs: Microsoft plans to cut about 5% of its global workforce, equating to about 11,000 employees, though the final figure could be even higher

Shares of the company rose 0.5 percent on Wall Street after expected cuts were reported by Sky News.

Microsoft is the latest tech giant to make plans to lose jobs.

A slew of companies have already announced layoff plans as the economy sours.

Earlier this month, Amazon said it would aim to cut 18,000 jobs, equivalent to about 6 percent of its workforce, while Facebook owner Meta plans to cut about 11,000 jobs.

Meanwhile, social media website Twitter has also taken steps to eliminate thousands of employees following its takeover by Tesla tycoon Elon Musk.

Many of the tech giants have hired thousands during the pandemic, but the recent slowdown has forced many of them to rethink their plans as consumer spending comes under pressure and borrowing costs rise.

Microsoft will release its second-quarter results next week, with some analysts warning it could disappoint investors.

Microsoft warned in October that its cloud computing business was slowing as many enterprise customers reevaluated their spending plans.