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U.S. markets recover from steep losses
REDMOND, Wash., Jan. 22 (UPI) -- U.S. software giant Microsoft said Thursday it would eliminate 5,000 jobs in the next 18 months after net income fell 11 percent in the previous quarter.
Overall revenue increased 2 percent to $16.63 billion in the quarter ending Dec. 31, the company said. But, client revenue fell 8 percent, "as a result of PC market weakness and a continued shift to lower priced netbooks," the company said in a statement.
"While we are not immune to the effects of the economy, I am confident in the strength of our product portfolio and the soundness of our approach," Chief Executive Officer Steve Ballmer said.
The job reductions include cutting staff in research and development, marketing, sales, finance, legal, human resources and information technology departments, the company said.
The staff cuts would reduce annual operating expenses by about $1.5 billion and cut capital expenses for 2009 by about $700 million, the company said.
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