Software giant, Microsoft Corporation, announced plans to slash 5,000 jobs. The firm cited slowing sales as the motivating factor for the 5% downsize in its workforce, noting the current economic environment. 1,400 of the layoffs are scheduled to occur today, while total layoffs are expected to save the company about $1.5 billion. Microsoft's 2008 second-quarter income was down three cents a share from a year ago.
See "Microsoft Plans to Cut 5,000 Jobs", The New York Times, January 21, 2009