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Microsoft sees end to Nokia losses, shares rise after hours

23
Jul
2014

By Bill Rigby SEATTLE (Reuters) – Microsoft Corp said it aims to get its loss-making Nokia phone unit to break even within two years, helping its stock rise in after-hours trade. Microsofts chief financial officer said in a call with analysts that the company plans to take $1 billion in costs out of the Nokia operation and stop its losses by fiscal 2016 – which ends in June 2016 – following massive job cuts announced last week. The expense guidance around Nokia was much better than feared, said Daniel Ives, an analyst at FBR Capital Markets. While there is still some heavy lifting ahead, it appears brighter days are on the horizon for Microsoft after a decade of pain and frustration. Microsoft shares hit new 14-year highs over the past week, and were up 1.1 percent at $45.33 after hours.

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