Burberry is aiming to slash 18% of its global workforce by 2027 as it looks for ways to cut costs and revive its ailing business.

Microsoft announced a smaller round of performance-based layoffs in January. But the 3% cuts will be Microsoft’s biggest since early 2023, when the company cut 10,000 workers, almost 5% of its workforce, joining other tech companies that were scaling back their pandemic-era expansions.

Microsoft is laying off several thousand employees as part of a new round of job cuts affecting less than 3% of its global workforce, the company said on Tuesday. While no specific figure was disclosed,