Microsoft sales slow, will remain weak

Software sales slowed for tech giant Microsoft (MSFT) and are not expected to improve over the next three months. The company plans to cut costs and 5,000 jobs, having already cut 800, by July of next year.

News of the cost cuts may be sending its shares higher in after-hours trading. Microsoft shares are up 4 percent as of 6 p.m. New York time today.

Sales dropped 6 percent, falling from the previous year for the first time in the company's 23 years of being publicly traded. The company said it expects "the weakness to continue through at least the next quarter."