BRIEF-Microsoft to streamline smartphone hardware business, cut up to 1,850 jobs

Wed May 25, 2016 5:09am EDT
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May 25 (Reuters) - Microsoft Corp :

* Announced plans to streamline company's smartphone hardware business, which will impact up to 1,850 jobs

* Company will record an impairment and restructuring charge of approximately $950 million

* Approximately $200 million will relate to severance payments

* Anticipates this will result in reduction of up to 1,350 jobs at Microsoft Mobile Oy in Finland

* Employees working for Microsoft Oy, a separate Microsoft sales subsidiary based in Espoo, are not in scope for planned reductions

* Will record a charge in Q4 of fiscal 2016 for impairment of assets in its more personal computing segment

* Actions associated with announcement are expected to be substantially complete by end of calendar year

* Actions associated with announcement are expected to be fully completed by July 2017 , end of company's next fiscal year Source text for Eikon: Further company coverage: