New York/London CNN —Microsoft (MSFT) could announce thousands of job cuts on Wednesday, according to multiple news reports, potentially becoming the latest tech company to cull its workforce as the global economy slows. Sky News, without naming sources, reported the layoffs would affect roughly 5% of the company’s workforce. Facebook (FB) parent Meta also recently announced 11,000 job cuts, the largest in the company’s history. A recent report from outplacement firm Challenger, Gray & Christmas found tech layoffs were up 649% in 2022 compared to the previous year, versus just a 13% uptick in job cuts in the overall economy during the same period. The software company’s Azure cloud computing business drove revenue growth over the three months through September, as sales in its personal computing division decreased slightly.

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