Microsoft – To cut 18,000 jobs at Nokia

Microsoft Corp will slash up to 18,000 jobs, or 14 percent of its workforce, this year as it almost halves the size of its newly acquired Nokia phone business and tries to transform into a cloud-computing and mobile-friendly software company.

The larger-than-expected cuts, announced on Thursday, are the deepest in the company’s 39-year history and come five months into the tenure of Chief Executive Officer Satya Nadella. He outlined plans for a “leaner” business in a public memo to employees last week.”We will simplify the way we work to drive greater accountability, become more agile and move faster,” Nadella wrote to employees in a memo made public early Thursday. “We plan to have fewer layers of management, both top down and sideways, to accelerate the flow of information and decision making.”

Chosen excerpts by Job Market Monitor. Read the whole story at Microsoft to cut 18,000 jobs this year as it chops Nokia | Reuters.

Microsoft Shares Rise To New 14-Year High After Massive Layoffs Announcement 

Microsoft shares jumped 3.8% yesterday to close at a 14-year high.

And after today’s massive layoff announcement, in which the company said that it would cut 18,000 jobs, the stock is only going higher.

In pre-market trading, MSFT is up 2.4%.

Chosen excerpts by Job Market Monitor. Read the whole story at Microsoft Shares Rise To New 14-Year High After Massive Layoffs Announcement | Business Insider.