Microsoft to cut up to 5,000 jobs

[LahoreEstate]

NEW YORK: US software giant Microsoft announced on Thursday it was cutting up to 5,000 jobs over the next 18 months including 1,400 immediately due to a slowing economy and weak spending on technology.

Releasing its results for the second quarter of its fiscal year, Microsoft said net profit fell by 11 per cent from a year ago to $4.17 billion on revenue of $16.63 billion, a two per cent increase over a year ago.

The Redmond, Washington-based company said earnings per share were 47 cents, less than the 49 cents per share forecast by analysts. “In light of the further deterioration of global economic conditions,” Microsoft said it was eliminating “up to 5,000 jobs in R&D (research and development), marketing, sales, finance, legal, HR (human resources), and IT (information technology) over the next 18 months, including 1,400 jobs today.”

The world’s biggest software firm said the jobs cuts were among various steps to manage costs “including the reduction of headcount-related expenses, vendors and contingent staff, facilities, capital expenditures and marketing.”

http://thenews.com.pk/daily_detail.asp?id=158566