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Microsoft gains 3% on layoffs plan
Microsoft has announced plans to cut thousands of jobs, particularly in the sales, consulting, and Xbox divisions, as part of its efforts to reduce costs. The announcement is expected next week, with the reduction amounting to less than 2.5% of its more than 220,000 employees. The company has also continued to reduce its hiring over recent years to focus more on artificial intelligence. Following the news, the company's stock rose by 3%.
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