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 Microsoft has become the latest tech giant to announce job cuts. The software company intends to cut about 10,000 employees by the end of the March quarter. 

In an email to employees, Microsoft CEO Satya Nadella said the number represents less than 5 percent of its workforce. Nadella also said the company will make “changes to our hardware portfolio” and it would consolidate leases to create higher-density workspaces. No detail was given about the hardware change. The cost-saving moves will result in a charge for the second quarter ended December 31. Nadella said U.S.-benefit eligible employees will receive above-market severance pay, six-months healthcare coverage and vesting of stock awards, along with career counseling and 60-days termination notice “regardless of whether such notice is legally required.”

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