Microsoft axing 18,000 Jobs next year

Microsoft has revealed plans to cut up to 18,000 jobs over the next 12 months – considerably higher than the numbers originally reported.

Earlier this week, reports suggested 6,000 jobs could go. 

The cuts are being made as part of a major restructuring and streamlining of the firm that is expected to cost between $1.1bn and $1.6bn, according to The Wall Street Journal.

The company currently employes roughly 99,000 full-time employees, of which 58,000 are based in the US.

12,500 of the jobs cut are expected to be professional and factory positions as Microsoft integrates Nokia’s operations following its recent acquisition. There is no word how many of these jobs will be from Xbox.

The restructuring is projected to be "substantially complete" by the end of 2014, with full completion by June 30th, 2015.