Microsoft investors signaled their approval on what's been a rough day in the stock market after the Chinese exchanges fell hard overnight. Microsoft stock was up a fraction, above 44, in the stock market today. The job cuts announced Wednesday amount to 6.6% of Microsoft's 118,000 global workforce as of the end of March. Since Nadella became CEO in February 2014, he has made two big workforce reductions. In July that year, the company announced plans to lay off up to 18,000 workers. Nadella signaled his latest moves in a June 25 memo to employees. He said Microsoft will "make some tough choices in areas where things are not working." Last week, Microsoft shed some noncore assets. It sold its online display advertising business to Verizon ( VZ ) -owned AOL and its map imagery operations to Uber.