Microsoft to cut up to 5,000 jobs

Microsoft Corp posted quarterly results that missed Wall Street expectations,announced it would cut up to 5,000 jobs and said it could no longer offer profit forecasts for the rest of the fiscal year.

Written by Reuters | New York | Published: January 22, 2009 8:18 pm

Microsoft Corp posted quarterly results that missed Wall Street expectations,announced it would cut up to 5,000 jobs and said it could no longer offer profit forecasts for the rest of the fiscal year.

Shares of Microsoft fell 8.5 per cent in pre-market trading.

Microsoft posted a profit of $4.17 billion,or 47 cents per share,in its fiscal second quarter ended Dec. 31,versus a profit of $4.71 billion,or 50 cents,a year earlier. Analysts were looking for earnings per share of 49 cents,according to Reuters Estimates.

Revenue rose 2 per cent to $16.63 billion,missing the average analyst forecast of $17.1 billion.

To cut costs,Microsoft said it will eliminate up to 5,000 jobs in research and development,marketing,sales,finance,legal,human resources and information technology over the next 18 months,including 1,400 jobs on Thursday.

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