Microsoft admits Nokia acquisition was a bad deal

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Barely a year after Microsoft paid $9.5 billion for Nokia’s handset unit, the company says it has lost $7.6 billion of that value. That’s equal to about 95 percent of what Microsoft paid for the assets, excluding the cash that came with them. Along with a hefty writedown, Microsoft plans to cut as many as 7,800 jobs, many of them related to the purchase of the Finnish mobile phone maker. Reports Bloomberg “I am committed to our first-party devices including phones,” Satya Nadella, Microsoft’s current CEO, wrote in an email to employees about the moves.…

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