Microsoft cutting 7,800 jobs!

Microsoft plans to cut around 6 percent of the company's global workforce. The cuts are mostly in the phone hardware business.

These cuts are part of a restructuring effort of the company's phone business "to better align resources." The cutting will take place over the next few months.

"As a result, the company will record an impairment charge of approximately $7.6 billion related to assets associated with the acquisition of the Nokia Devices and Services (NDS) business in addition to a restructuring charge of approximately $750 million to $850 million," Microsoft explained.

An email from Microsoft CEO Satya Nadella offered some further information on the proceedings.

“We are moving from a strategy to grow a standalone phone business to a strategy to grow and create a vibrant Windows ecosystem including our first-party device family," Nadella said. “In the near-term, we'll run a more effective and focused phone portfolio while retaining capability for long-term reinvention in mobility."