Microsoft down over 3% after announcing layoffs

https://www.cnbc.com/2022/07/12/microsoft-cuts-small-percentage-of-employees-as-new-fiscal-year-begins.html

They said they are cutting “less than 1%” of their workers. (1% is still a lot of people when you have 181,000 employees.)

The market is basically flat today, but MSFT is down more than 3% – nearly $10 – in response to the news.