Last Update: May 10, 2023, 23:58 IST
Microsoft, under the leadership of Satya Nadella, has now focused entirely on generative AI, an area that the industry sees as a bright spot.
The tech giant did not immediately respond to a Reuters request for comment.
Microsoft Corp will not raise pay for full-time employees this year and is reducing the budget for bonuses and stock awards, an insider reported Wednesday, citing an internal email by CEO Satya Nadella.
The tech giant did not immediately respond to a Reuters request for comment.
The report quoted Nadella as saying, “Last year, we made a significant investment in compensation driven by market conditions and company performance, nearly doubling our global merit budget… The economic conditions are very different.”
In January, Microsoft said it would let 10,000 workers go, adding to thousands of layoffs previously announced across the technology sector as it deals with slowing growth in a troubled economy.
Microsoft has now completely turned its attention to generative AI, an area that the industry sees as a bright spot.
In collaboration with ChatGPT maker OpenAI, which has also received billion-dollar funding from Microsoft, the tech giant is incorporating AI technology into its Office products as well as search engine Bing.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)