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Microsoft slashes up to 5000 jobs
>> From money.cnn.com:
[QUOTE]
Software maker Microsoft Corp. announced Thursday it will cut up to 5,000 jobs in the next year and a half, or 5.5% of its global workforce, citing further deterioration of global economic conditions.
The company also posted lower fiscal second-quarter earnings that missed analysts' forecasts.
Microsoft will slash 1,400 positions immediately, with the rest of the cuts coming by June 2010. The company also said it will freeze employees' pay in 2009.
Microsoft said it will save about $1.5 billion in operating expenses and $700 million in 2009 capital expenditure from the job cuts and pay freeze.
Microsoft also announced second-quarter net income of $4.17 billion, down 11% from a year earlier.
The Redmond, Wash.-based company reported revenue of $16.63 billion for the quarter, up 2% from $16.37 billion a year earlier.
But sales grew in other areas. Revenue from its entertainment and devices division, which includes the Xbox 360, rose 3% over the same period a year earlier. Microsoft said holiday Xbox sales were strong, selling a record 6 million game consoles in the quarter.
The company said Xbox sales will probably decline at least through June as well, as consumer confidence and spending wanes.
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Full Story: money.cnn.com
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