Microsoft cutting 5,000 jobs on weak results

Microsoft said Thursday its sales and earnings for the December quarter fell well below expectations and announced a series of cost-cutting moves, including its first-ever companywide layoffs The software maker said it will cut up to 5,000 jobs, or 5 percent of its workforce, over the next 18 months. About 1,400 jobs were eliminated immediately. The software maker is also paring other expenses, such as delaying salary increases and cutting back on vendors and contractors.