Microsoft reported cutbacks on Monday for almost 1,000 workers around the world, the organization affirmed.

The move denotes the most recent indication of shortcoming among probably the biggest U.S. tech organizations in the midst of persistent inflation, recession fears and stock market woes.

This year, shares of Microsoft have fallen almost 30%. The tech-heavy Nasdaq Composite Index, in the interim, has fallen over 31%.

The job cuts reported by Microsoft on Monday ran over various positions, levels and geographic regions, Microsoft affirmed.

“Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly,” the company told ABC News in a statement. “We will continue to invest in our business and hire in key growth areas in the year ahead.”

Axios first detailed the cutbacks.

While significant, the job losses reported on Monday impacted short of what one half of one percent of the organization’s 221,000 representatives around the world.

The cuts followed a series of cutbacks in July that influenced under 1% of the organization’s workforce.

The latest quarterly earnings released by Microsoft, in July, fell short of investor expectations, recording $51.9 billion in income contrasted and an expected $52.4 billion, as per Bloomberg.

Preceding this year, Microsoft saw blockbuster development during the pandemic, as consumers and businesses went to its products in the midst of a spike in time spent at home.

Between March 2020 and December 2021, Microsoft’s stock cost rose around 107%.

This year, nonetheless, an economic slowdown and a proceeded with shift back to some pre-pandemic consumer habits has harmed numerous tech organizations. Shares of cloud-computing competitor Amazon have fallen around 30% this year, while shares of Facebook-parent Meta have dropped 61%.

Microsoft will report its most recent quarterly earnings next Tuesday after markets close.