I hope you didn't buy stock in Microsoft. http://finance.yahoo.com/news/Microsoft ... 25803.html
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Microsoft to slash 5,000 jobs, misses on 2Q profit
Microsoft to slash 5,000 jobs, reports lower-than-expected profit and sales for 2nd quarter
REDMOND, Wash. (AP) -- Microsoft Corp. said Thursday it is cutting 5,000 jobs over the next 18 months, a sign of how badly even the biggest and richest companies are being stung by the recession.
The layoffs appear to be a first for Microsoft, which was founded in 1975, aside from relatively limited staff cuts the software company made after acquiring companies.
The company announced the cuts as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street's expectations. Microsoft shares plunged 7 percent in pre-market trading.
Microsoft said it was being hurt by deteriorating global economic conditions and lower revenue from software for PCs. The holiday quarter of 2008 was the worst the PC market had seen in several years.
The Redmond-based company says profit slipped to $4.17 billion, or 47 cents per share, from year-ago earnings of $4.71 billion, or 50 cents per share.
It says total revenue edged up 2 percent to $16.63 billion, as software for corporate computer servers helped offset an 8 percent drop in revenue for PC software.
The results missed Wall Street's forecast for earnings of 49 cents per share on sales of $17.08 billion.
Microsoft says the job cuts will reduce operating costs by $1.5 billion as it prepares for lower revenue and earnings in the second half of the year. The company says it is unable to offer profit and revenue guidance for the rest of the year, because of the market volatility.
And, FWIW, Marco's suggestion makes the most sense.
You know I heard that this morning, and I thought two things really.
1) M$ has to be the most stable blue chip to date, and them announcing job losses is just scary.
2) M$ means to keep $ at the end of their name. How glorious it would be to see a new trendy sell panic for a week, a guy like me might really want to buy some of their stock.
On a side note, Apple reported higher earnings than was expected. Hope you weren't one of them selling when Steve Job's went on medical leave. The volatility is so crazy right now.