Mass Company Layoffs Afftecting Companies Like Microsoft, Google, Yahoo, Intel Corp And More...

http://www.Guide2MarketingSuccess.com Microsoft Corp. will make the first mass layoffs in its 34-year history, cutting 5,000 jobs as demand for personal computers falls and even one of the world's richest companies gets burned by the recession.

The company announced the cuts Thursday as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street's expectations. Microsoft shares plunged more than 11 percent.

"We're certainly in the midst of a once-in-a-lifetime set of economic conditions," Chief Executive Steve Ballmer said during a conference call. With less access to credit, businesses and consumers are spending less and stretching the life span of their existing computers.

The biggest names in the technology sector have been no stranger to layoffs lately. Giants such as chip maker Intel Corp. and even Google Inc. are among the companies that have pulled back on jobs to hunker down in the recession.

Google also reported earnings Thursday and said its quarterly net profit fell 68 percent, its first such drop ever. The results were better than analysts had expected, however.

At Microsoft, the cuts appeared to reflect uncertainty about when times will get better. The company said it could not issue a forecast for earnings and profits for the rest of the year.

The software maker was already facing tough problems, among them its inability to snag a significant share of the lucrative Web search advertising market from leader Google Inc. It tried to fix this by buying Yahoo Inc. and pouring money into its own technology, all the while relying on Office programs such as Word and Excel, and on Windows to keep bringing home huge profits. Now, with the recession pinching software earnings, Microsoft's problems seem even harder to fix.

Microsoft, which has $20.7 billion in cash on hand, said its business prospects were hurt by the deteriorating global economy and lower revenue from software for PCs. The holiday quarter of 2008 was the worst for the PC market since 2002, with computer shipments declining about a half of 1 percent, according to IDC, a technology research group.

Microsoft shares fell $2.27, or 11.7 percent, to close at a 52-week low of $17.11

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[Anothercoilgun]

Let me say this. The power to stop layoffs is in the companies. All they have to do is eat some loss for 1 year or 2. Not lose money just lose money increase from prior year. If each company does this the problem vanishes overnight.

But no.... "We want more each year else off with there heads!" The greedy consuming all the resource and unwilling to save the country are the terrorist. For it is them who choose to ruin the economy by not caring not sharing.