Microsoft said yesterday it would cut 10,000 jobs by the end of the third quarter of fiscal 2023, amid a slowing global economy.

In a blog post, Microsoft CEO Satya Nadella said the company was seeking to align its cost structure with projected revenues and where customer demand remained the strongest.

“As we saw customers accelerate their digital spend during the pandemic, we’re now seeing them optimize their digital spend to do more with less,” he wrote. “We’re also seeing organizations in every industry and geography exercise caution as some parts of the world are in a recession and other parts are anticipating one.”

The cuts affect less than 5 per cent of the software giant’s total employee base, he said.

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The announcement is the latest in a wave of white collar job losses that have hit as inflation, higher interest rates and lower growth have impacted spending across the world. Earlier Wednesday, the Department of Commerce said U.S. retail sales fell by 1.1 per cent in December, more than analysts were expecting.

Microsoft joins companies including Google’s parent Alphabet, Amazon, Facebook and Salesforce among the tech giants that have announced job cuts in recent months.