If you have a business division that you want to maintain, then there's a limit to how many you can get rid of. But Microsoft are clearly closing divisions. They are closing their x-box spin off TV studios, so all those staff can go. Clearly there are large chunks of Nokia that they want to close, likely maintaining the hardware designers but if you're in Nokia marketing, or Symbian/Android software development your coat is on a shoogly nail as they say in Scotland. Similarly, it looks like Nokia manufacturing will also be outsourced, so there are thousands more jobs that will go.
Inside Microsoft is a bit different. From what I've read, it looks like there will be some streamlining of management, so some layers of management will be cut. Most people on here will have seen how management can breed more management, so this is a pretty typical corporate response. Unfortunately for the managers losing their job it may be harder to find a new job. Where a division closes there's always the possibility of a sale to a competitor or some form of management buy out.