Microsoft layoffs won’t be the last for tech industry

Mass layoffs are one of the more painful consequences of a looming economic recession, and the high-flying and well-funded tech industry isn’t immune.

Microsoft Corp. on Monday provided an omen of what’s to come, when it confirmed that it had cut jobs across multiple divisions including its Xbox unit, numbering under 1,000 people. That pullback follows news last week that Intel Corp. was planning thousands of job cuts in the face of a slump in PC sales.

Similarly, Facebook parent Meta Platforms Inc. will be “smaller” by the end of 2023, Chief Executive Officer Mark Zuckerberg recently told staff, when he shared sweeping plans to reorganize the company’s teams and reduce headcount for the first time ever. Faced with plunging stock prices, both Netflix Inc. and Snap Inc. laid off workers this summer.