Microsoft to Cut Up to 5,000 Workers
In the latest sign of the deepening downturn, Microsoft on Thursday reported weaker-than-expected quarterly earnings, abandoned its previous guidance and announced its first sweeping layoffs.
Shares of the software giant and maker of the Xbox 360 video game console were in freefall for the day, closing down 11.6 percent at $17.14, a 52-week low.
The company moved its earnings report from the afternoon to the morning, saying it will cut up to 5,000 positions across its operations out of a work force of about 94,000 during the next 18 months.
Some observers suggested Microsoft might be financially conservative in part to keep its powder dry for a much-discussed possible Yahoo deal, but CEO Steve Ballmer during a conference call didn’t get drawn into speculation.
“I’ve
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