NEW YORK, NY / ACCESSWIRE / July 11, 2018 / Microsoft had a couple of big developments this week so far, announcing some layoffs as it cuts the size of its international sales force and unveiling a new Surface Go Tablet. Shares of Tintri were deep in the red yesterday as the flash storage company announced it has filed for bankruptcy.
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Microsoft Corporation shares closed up a modest 0.27% on about 16 million shares traded yesterday. The tech giant said this week that it is slashing the size of its international sales force and will be firing a small percentage of its workers. According to a source familiar with the situation, the layoffs are smaller than the round the company had a year ago. It was last year that Microsoft had its largest sales reorganization in its history. It was also this week that a new Surface Go Tablet was unveiled. The $399 tablet has been called by the company, the "smallest and most affordable Surface yet." It weighs 1.15 pounds and is 8.33mm thick. It comes with a 10" screen and works with Microsoft's Surface Pen. The tablet is available for pre-ordering now and is going to be for sale on August 2nd.
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Tintri, Inc. shares closed in the red down 2.69% on Tuesday with an additional 4.58% lost in after-hours trading. The company, which barely went public a year ago, announced yesterday that it is filing for bankruptcy. The flash storage company will keep operating its businesses as a "debtor-in-possession" under the jurisdiction of the U.S. Bankruptcy Court for the District of Delaware. The company has also entered into a non-binding letter of intent with DataDirect Networks for the purchase of substantially all of its assets. The company had its IPO on June 30th at $7 and it was in March that both the CEO and CFO said they were leaving. Customers of the company include Toyota, Comcast and Sony. Tintri had revenue of more than $125 million last year but couldn't turn a profit. Company CEO and co-founder of DataDirect Networks, Alex Bouzari, commented, "We are very pleased to be closely collaborating with Tintri's cofounders, team members, advisors and creditors to develop a winning plan which is designed to provide Tintri's customers with continuity in support of their installed base as well as a winning roadmap for their long term requirements." Tintri's CTO, Kieran Harty, stated, "Tintri looks forward to continuing to work with DDN on its proposal, which, if completed, would be expected to allow the company to continue to provide its industry-leading technology to the marketplace following the bankruptcy process and into the future."
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