5,000 Job Cuts at Microsoft
26/01/2009
Microsoft announced that it will cut 5,000 jobs as it published its second-quarter results for 2008. They revealed that their profits had declined by 11% on the previous year when they had made a staggering $4.17 billion.
The 5,000 jobs being cut include staff in the HR Department which amounts to approximately 5.5% of its global workforce. 1,400 jobs will be cut immediately with the rest happening over the next 18 months.
Chris Liddell, Chief financial officer said; “Economic activity and IT spend slowed beyond our expectations in the quarter, and we acted quickly to reduce our cost structure and mitigate its impact. We are planning for economic uncertainty to continue through the remainder of the fiscal year, almost certainly leading to lower revenue and earnings for the second half relative to the previous year. In this environment, we will focus on outperforming our competitors and addressing our cost structure.”
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