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I don't think there's any reason to believe layoffs will be coming.

Mini-Microsoft and other blogs have backed off this claim. Attrition is very real, groups are being told to meet headcount goals that are below their current operating level. This entails removing the bottom performers and not re-filling vacated positions.

However, the unseen employees (You know, the other 100,000 pseudo-employees known as contractors) will definitely take a hit.
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