Multiple stages. Last stage included a full loop with multiple interviewers. Questions seemed reasonable. If you do well but are not considered to be a diverse candidate, be prepared for a potential multi-month wait time to receive an offer. Microsoft is dedicated to building a diverse workforce and as such will wait as long as necessary in some cases to ensure a diverse talent pool has been considered for any given position. If a diverse candidate is interviewed with equal or better results than a non-diverse candidate, you can expect the diverse candidate to be extended an offer.