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Microsoft Corp. (NASDAQ: MSFT) today joined the ever-growing parade of companies firing employees. The world's largest software maker is laying off 5,000 people, about 5% of its staff, in its first company-wide dismissal of workers. The move is not surprising.
Though the Redmond, Washington-based company is a cash-generating machine, investors are worried that it will be hurt by the slowdown in corporate IT spending. Last month, Forrester Research projected that spending by businesses on technology would rise 1.6% in the U.S. That's down from a projection of more than 6% made in August.
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