Microsoft U-Turns on Severance Clawback

(NEWSER) - Microsoft surprised the street today by releasing its earnings early, and they weren’t pretty. The software giant’s revenues inched up only 2%, below earlier guidance, and its net income dropped 11%. More alarming, the company said it was slashing 5,000 jobs, starting with 1,400 today, which amounts to 5.5% of its workforce. “We are not immune to the effects of the economy,” said Steve Ballmer. More»

Need to trim costs in weak economy has software firm looking at rare cuts

(NEWSER) - Microsoft could be considering the first large-scale layoff in its history, as it looks for ways to trim costs, reports the Wall Street Journal. Up to 15,000 positions are rumored to be at risk—6% of its workforce—but insiders say the cuts, across all divisions, are likely to be lower. CEO Steve Ballmer last week said Microsoft, known as one of the "steadiest ships" in the tech industry, was working at “finding our right balance,” but he declined to comment on layoffs. More»

Demand for colorful clogs tanks

(NEWSER) - Crocs, the maker of hugely popular colorful plastic clogs, suffered a $148 million third quarter loss on a 32% drop in demand in Europe and the US. The Colorado-based company has shuttered a factory in Canada, will close another in Brazil next month, and has amassed extensive unsold inventory, reports the Rocky Mountain News. More»

It's the company's biggest reduction in its 73-year history

(AP) - Hewlett-Packard plans to jettison 27,000 workers as the growing popularity of smartphones, the iPad, and other mobile devices makes it tougher for the company to sell personal computers. The cuts announced today represent HP's largest payroll purge in its 73-year history. The reductions will affect about 8% of Hewlett-Packard's nearly 350,000 employees by the time the overhaul is completed in October 2014. More»

BusinessInsider doubts Apple's job-creation claim

(NEWSER) - Accused of shipping American jobs overseas , Apple reacted by saying it has actually created US jobs— some 514,000 in fact . Now BusinessInsider takes a closer look at the numbers and finds that the tech behemoth has actually eliminated 490,570 positions, nearly the same amount it has created. Here's the breakdown:

• Circuit City: 42,974 layoffs. Apple's seizure of the PC market, and the fall of LCD TV prices, spelled doom for Best Buy's only real competitor.