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Microsoft Plans to Cut 7,800 Jobs From Phone Business


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The acquisition of the Nokia devices and services business initiated by Steve Ballmer before he left Microsoft has not turned out as planned, and the company is planning to take several steps to address the under performance. Up to 7,800 jobs will be cut from Microsoft's phone business in addition to a $7.6 billion impairment charge and a restructuring cost between $750 and $850 million. Restructuring costs will go towards the layoffs while the impairment charge "has to do with how the company accounts for the worth of Nokia from an accounting perspective and does not mean that Microsoft will lose $7.6 billion from its balance sheet." The July 21 10K filing will reveal more details about the moves while a company issued statement said "Based on the new plans, the future prospects for the Phone Hardware segment are below original expectations. Accordingly, the company concluded that an impairment adjustment of its Phone Hardware segment assets and goodwill of approximately $7.6 billion is required."

Source: Fortune



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