Microsoft to stem Nokia losses 'in 2 years'

Microsoft Corp said in a statement that it aims to get its loss-making Nokia phone unit to break even within two years.

The world's largest software company reported a 7 percent dip in quarterly profit on Tuesday, chiefly due to incorporating the struggling handset business of the Finnish mobile pioneer.

Microsoft's chief financial officer said in a call with analysts that the company plans to take $1 billion in costs out of the Nokia operation and stop its losses by fiscal 2016 - which ends in June 2016 - following massive job cuts announced last week.