Microsoft to lay off 10,000 employees to focus on "long term opportunity"

(New York, NY) -- One of the world's largest tech companies is looking at ways to reduce spending, including staff layoffs.

A memo sent by Microsoft leadership to staff says changes to their cost structure will "result in the reduction of our overall workforce by 10,000 jobs through the end of [March], 2023", or the loss of approximately 5% of the company's total workforce. Microsoft officials say the layoffs will be in tandem with hiring in "key strategic areas", but did not describe a number of employees they were looking to hire for those positions. 

You can read the statement released by Microsoft by clicking here.