Microsoft Corp. is laying off thousands of employees in a shake-up aimed at selling more subscriptions to software applications that can be used on any Internet-connected device. Most of the people losing their jobs work in sales and are located outside the United States. The Redmond, Wash.-based company confirmed that it began sending the layoff notices Thursday, but declined to provide further specifics except that thousands of sales jobs will be cut. Microsoft stock fell 0.7% on Thursday to $68.57 a share. UPDATES:1:40 p.m.: This article was updated with a comment from Microsoft, information about Microsoft’s finances and the company’s stock movement.

Source: Los Angeles Times July 06, 2017 19:48 UTC