Microsoft dismisses 'fast rebound' hopes

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"Our model is not for a quick rebound," chief executive Steve Ballmer said after announcing 5000 redundancies worldwide.

"Our model is things go down and they reset. The economy shrinks and then it doesn't rebound; it builds from a lower base."

Chief Chris Liddell said: "We are not planning and sitting here and expecting there is a going to be a bounce. The reality is that this is very broad-based. I think people are now only coming to grips with what that means."

The job cuts are the first in Microsoft's 34-year history. Liddell has ditched forecasts for the rest of the financial year, which ends in June. Net profit fell 11% to $4.17 billion (£3.03 billion) on sales up 1.6% to $16.6 billion. Researcher Gartner said PC shipments rose at their slowest pace in six years last quarter.