THE NEWS WRAP: Microsoft slashes jobs as it restructures phone business

Microsoft has announced it will cut 7800 jobs and write off $US7.6 billion from its deal to purchase the majority of Nokia’s hardware business.

The job losses are part of a fundamental restructure of Microsoft’s phone business. Microsoft chief executive officer Satya Nadella says the company remains committed to its first-party devices, but needs to focus its phone efforts in the near term, while driving reinvention.

“We are moving from a strategy to grow a standalone phone business to a strategy to grow and create a vibrant Windows ecosystem that includes our first-party device family,” he says.

Tilt raises $30 million

San Francisco-based crowdfunding platform Tilt raised $US30 million at a valuation of $400 million as it looks to expand internationally, TechCrunch reports.

People can use Tilt to raise money collectively – say a fantasy football prize – but people only have to pay once everybody has committed putting money into it. It’s currently operating in the United States, Canada and the United Kingdom and is set to soft-launch in a number of other markets.

Record number of new iPhones coming

Apple has asked suppliers to make between 85 and 90 million of its two new iPhone models by December 31, The Wall Street Journal reports.

That’s roughly 15 million more than Apple’s initial production run of its iPhone6 and iPhone 6 Plus devices last year.

Overnight

The Dow Jones Industrial Average is down 261.49 to 17,515.42. The Australian dollar is currently trading at US74 cents.

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