Microsoft shares hit 11-year low

From CNET News.com: Microsoft's failure to announce more cost cuts sent its shares to an 11-year low on Tuesday.

The company's shares closed at $17.17 on Tuesday after dropping to the 11-year low of $16.36 earlier in the day.

Chief Executive Steve Ballmer, who spoke at an analysts meeting in New York on Tuesday, did announce that Microsoft will offer robust versions of its yet-to-be-released Windows 7 operating software for Netbooks, as the company looks to boost revenue from these hot-selling, low-cost computers.

But Microsoft shares fell after Ballmer quashed the hopes of some investors for accelerated cost cuts. Microsoft had announced plans last month to lay off 5,000 workers as part of a plan to save $1.5 billion in annual costs.

"I don't think it makes sense for us to come back and say, 'Could we take out another $2 billion in costs?'" Ballmer said at the meeting.

View: Article @ Source Site