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Rumors have started to surface that Microsoft is preparing for large scale lay offs due to declining revenues in the face of worsening economic conditions around the globe. The rumors first surfaced on Mini Microsoft, a blog written by a Microsoft insider. According to Mini Microsoft some layoffs are already under way in specific groups. In addition to this, Mini Microsoft is hinting that the layoffs would be carried out before 15th Jan, which is one week prior to the announcement of FY09Q2 quarterly results, as the company wants to complete the cuts before announcing the quarterly results.