Microsoft Lost $34 Billion, Witnesses Biggest Ever Plunge In Four Years
Bangalore: World’s largest software company pulled off a no show on Wall Street as its shares fell more than 11 percent on Friday, the company’s biggest plunge since 2009, when it cut 5,000 jobs during recession and loosed 12 percent, making it the biggest fall since the Internet stock bubble burst in 2000, reports Reuters.
Microsoft lost about $34 billion in its market value, performing poorer than its counterpart Yahoo and the large chunk of its loss comes from a $900 million write-down on the value of unsold Surface tablets after it cut prices in a bid to excite buyers.
The poor results shocked the Wall Street as it expected that the company’s strength with business customers would help it improve consumer PC sales. The results also incited scepticism in the CEO Steve Ballmer’s new plan to reshape the company around devices and services.
Read Also: Google Makes $3 Billion Profit; Wall Street Not Impressed and Apple's Developers Website Hacked; Shut Down
