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Microsoft cuts and Barbie falls — five things to know about today

July 17, 2014, 1:30 PM UTC
A Barbie doll is arranged for a photo in Cambridge, Massachu
UNITED STATES - AUGUST 14: A Barbie doll is arranged for a photo in Cambridge, Massachusetts, Tuesday, Aug. 14, 2007. Mattel Inc. is recalling 18.6 million Chinese-made products around the world, its second recall in two weeks, mostly because they contain magnets that may fall out and be swallowed by children. The recall includes 18.2 million Barbie, Polly Pocket and Batman toys with magnets, the world's biggest toymaker said today in a statement. (Photo by Jb Reed/Bloomberg via Getty Images)
Photograph by Jb Reed — Bloomberg/Getty Images

Hello friends and Fortune readers:

This is from earlier this week, but I feel like its something that everyone has to see. So, in case you missed it, here is the moment when we reached peak selfie, as a kid takes a secret selfie with Beatle Paul McCartney and … Warren Buffett? Now with that out of the way, here are five things you need to know in business news today:

1. Cuts are coming to Microsoft.

Microsoft is planning to cut 18,000 employees over the next year, its biggest-ever cull. That represents more than 14% of the company’s workforce. The move follows a letter from CEO Satya Nadella last week where he detailed his vision for where he wants the company to go: to be more focused on mobile and cloud computing. Many of the jobs cut will come from the Nokia unit Microsoft recently acquired, with some additional cuts coming to the Xbox team.

2. Mary Barra is back on the Hill.

The trip from Detroit to Washington must be getting pretty familiar for General Motors CEO Mary Barra. She will be back on Capitol Hill Thursday morning to testify yet again about the ongoing scandal involving GM’s faulty ignition switches that led to 16 deaths. She will again be joined in her testimony by Anton Valukas, the former federal prosecutor who compiled the company’s internal report on the issue. Catch her here in front of the Senate Commerce subcommittee on consumer protection.

3. Barbie sales are down.

Toymaker Mattel saw a 61% drop in earnings last quarter, driven largely by plummeting sales of Barbie dolls. I guess it really is true that the kids these days only like things with screens.

4. More tech earnings out this afternoon.

Once again, after the bell all eyes will turn to the technology sector as we await earnings reports from more big-name tech companies. Today we get both IBM and Google. Google is expected to show another solid quarter of profit, which some say shows the firm’s enduring relevance as a leader in online advertising.

5. Amazon employees are probably better looking than you

The Wall Street Journal is reporting that a study shows Amazon has more attractive employees than Microsoft, Google, Facebook or Apple. So that’s good for them.