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Microsoft to Cut 18,000 Jobs, Largest Company-Wide Layoffs Ever

7/17/14 11:18 AM EDT
In a letter to employees Thursday morning CEO, Satya Nadella, announced plans to cut 18,000 jobs over the next year. In his company-wide letter he said, "The first step to building the right organization for our ambitions is to realign our workforce." About 12,500 cuts will come from the company's Nokia division which Microsoft acquired in April for a little more than $7 billion dollars. The majority of layoffs will occur over the next six months. The company expects to take a pre-tax charge of between $1.1 and $1.6 billion for severance and other costs associated with eliminating 14% of its workforce. This marks the software giant's largest-ever layoffs. The last time Microsoft laid off a substantial number of people was in 2009 when it cut 5,800 jobs. The company is set to release their quarterly results next week and we will likely get more details about Nadella's plans for Microsoft. TheStreet's Julie Cerullo reports.
Stocks in this video: MSFTNOK
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