Microsoft would be more of a fat trimming I think. Lots of management they don't need. Not like any core devs are gonna go in the U.S. since we know the H1Bs have to go first.
The way Microsoft manages the layoffs will be
an acid-test for its corporate culture. If they trim the proper fat and reduce excessive management I see a good future, I just have the feeling they'll just cut off the more expensive H-1B employees and loss-making groups and leave management to their devices.