NEW YORK (TheStreet) -- Shares of Microsoft (MSFT) - Get Report are rising 0.51% to $56.49 early Friday afternoon after the tech giant said it would cut about 2,850 additional jobs over the next 12 months, Reuters reported.
The move takes its total planned job cuts up to 4,700 or approximately 4% of its workforce.
In May, the Redmond, WA-based company said it would reduce jobs by 1,850 in its smartphone business, the majority of them in Finland.
Microsoft purchased Finnish handset maker Nokia (NOK) in 2014 in an attempt to take on market leaders Apple (AAPL) and Samsung Electronics (SSNLF), Reuters noted.
The company had about 114,000 full-time workers as of June 30.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, notable return on equity, reasonable valuation levels and good cash flow from operations.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MSFT