An outage of this magnitude is rare for Microsoft services
This is, by far, the biggest outage in a while. It is rare to see Microsoft services experience an outage of this magnitude. In 2021, Teams faced two outages in two months, one for four hours and the other for two hours. The first outage in March affected most of the same group of presently impacted services.
Microsoft rolled back network change that potentially caused the outage
Microsoft is currently working on fixing the issue. According to the Microsoft 365 service status page, there is no error. The status page has a cheery note that says "everything is up and running."The company has also rolled back a network change that it believes caused the outage. It is monitoring the impact of the rollback.