Microsoft CEO Satya Nadella hinted at the possibility of job cuts in his memo to employees Thursday, and one longtime analyst, Nomura s Rick Sherlund, is now predicting that the company will reduce its headcount by something in the range of 5 percent to 10 percent.

As outlined by Sherlund in a note to clients this morning, those cutbacks would include reductions related to Microsoft s acquisition of Nokia s devices and services business. The company has said it will cut $600 million in annual costs for 18 months after the deal closes to address areas where the two companies overlap.


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