Microsoft to cut up to 1,850 jobs

Microsoft (MSFT) announced Wednesday it will cut up to 1,850 jobs as part of a plan to streamline its smartphone hardware business.

The company says it will record an impairment and restructuring charge of about $950 million because of the cuts tied to its failed acquisition of Nokia's handset business in 2014.

"We are focusing our phone efforts where we have differentiation — with enterprises that value security, manageability and our Continuum capability, and consumers who value the same,” said Microsoft CEO Satya Nadella in a statement. “We will continue to innovate across devices and on our cloud services across all mobile platforms.”

The cuts will be complete by July 2017.

Last week, Microsoft confirmed it is selling its feature phone business to Finnish company HMD and Foxconn subsidiary FIH Mobile for $350 million. The company said it would continue to support Windows 10 Mobile and any Lumia smartphones running the operating system. The deal also marked Nokia's return to the mobile phone business.

Microsoft announced the $7 billion acquisition of Nokia's handset business in 2013, and it turned into a disaster for the tech giant. Last year, after revealing massive job cuts affecting 18,000 employees, Microsoft announced it would slash another 7,800 jobs in connection to its Nokia deal.