Burberry shares surged 18% on Wednesday after the British luxury brand announced plans to shed 1,700 jobs or around a fifth of its global workforce to cut costs to help revive its performance. Burberry is in the early stages of a turnaround effort led by CEO Joshua Schulman,

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.