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| Microsoft to cut up to 5,000 jobs | Microsoft to cut up to 5,000 jobs |
| (10 minutes later) | |
| Microsoft has said it will cut up to 5,000 jobs over the next 18 months, including 1,400 immediately. | Microsoft has said it will cut up to 5,000 jobs over the next 18 months, including 1,400 immediately. |
| The firm also reported a net profit of $4.17bn (£3bn) for the three months to 31 December, down 11% on last year and less than analysts' expectations. | The firm also reported a net profit of $4.17bn (£3bn) for the three months to 31 December, down 11% on last year and less than analysts' expectations. |
| Microsoft added it was "no longer able" to give a profit and revenue outlook for the fiscal year amid current volatile market conditions. | Microsoft added it was "no longer able" to give a profit and revenue outlook for the fiscal year amid current volatile market conditions. |
| Shares in Microsoft fell 7.9%, dragging Wall Street lower. | |
| It's sending a signal that the times are definitely changing Richard Williams, Cross Research | |
| "While we're not immune to the effects of the economy, I am confident in the strength of our product portfolio and soundness of our approach," said Microsoft chief executive Steve Ballmer. | |
| Richard Williams, an analyst at Cross Research, said: "Microsoft has never had a layoff like this in my knowledge, and it's sending a signal that the times are definitely changing." |