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If the stock isn’t moving, perhaps the news is already priced in.

So either insider trading or a lot of people guessing they’d do a big layoff at some point?

Microsoft stock has been incredibly volatile though in the past year.

> MSFT stock is barely moved on the announcement. Doesn't necessarily seem like the market is rewarding them.

It's always hard to distinguish signal vs noise in stocks, but it has gone up 0.5% in 24 hours, which is a $8bn raise on the market cap.

Cutting $3bn in wages is never going to radically change the market cap of a $1.7T company (you hope!).

Hard to say if the market was expecting layoffs.