Updated from 10:42 a.m. to reflect stock price.
NEW YORK (TheStreet) -- Shares of Microsoft (MSFT) continued to tick upward to a 52-week high of $47.57 on Friday, one day after the tech giant said it would cut 2,100 jobs today as part of its previously announced plan to lay off 18,000 employees.
The layoffs are part of the company's plan to streamline its workforce and integrate the acquisition of Nokia's (NOK) handset unit.
The job cuts will occur across the company's numerous divisions, Microsoft spokesman Peter Wootton told Bloomberg. Microsoft will cut 747 employees in the Puget Sound region, where it is based.
The stock closed up 1.8% to $47.52. More than 200 million shares changed hands, which eclipsed the average volume of 30,434,100.
Separately, TheStreet Ratings team rates MICROSOFT CORP as a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICROSOFT CORP (MSFT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, reasonable valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."