Microsoft has just announced it will cut 5,000 jobs within 18 months citing slowing demand and consumer spending in technology. The cuts will come from many functional areas including marketing, sales, finance, R&D, IT, etc. The job cuts are expected to save Microsoft $1.5 billion annually. Steve Ballmer said “I am confident in the strength of our product portfolio and soundness of our approach” This is the first time Microsoft has cut so many jobs to cut costs. Microsoft’s stock is down about 10% mid-day trading.