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Microsoft Announces Fiscal Third Quarter Results | |
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| Time: 17:07 EST/22:07 GMT | News Source: PR Newswire | Posted By: Byron Hinson | ||
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Microsoft Corp today announced revenue of $7.25 billion for the quarter ended March 31, 2002, a 13 percent increase over the $6.40 billion reported in the prior year. Operating income totaled $3.30 billion compared to $3.00 billion in the prior year. Net income for the quarter was $2.74 billion, which includes an $847 million after-tax gain on the sale of Expedia and an $806 million after-tax charge related to investment impairments. Diluted earnings per share for the March 2002 quarter were $0.49, including a $0.15 gain on the sale of Expedia and $0.14 investment impairment charge as noted above. ``We delivered another quarter of solid revenue growth and operating results that exceeded our expectations. Desktop platform sales have been excellent on the strength of Windows® XP - both in the enterprise and in the home. We took another big bite out of costs this quarter, with single-digit operating expense growth driving costs down and efficiency up throughout the entire organization,'' said John Connors, chief financial officer at Microsoft. ``While we look forward to slightly improved PC growth rates for the next quarter, our expectations for enterprise IT spending levels continue to be quite modest.'' | ||
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| #1 By 20 (24.243.51.87) at 4/18/2002 6:02:26 PM |
| And still Microsoft's stock declines. WTF is wrong with people on Wall Street? Are they retarded? Here is a company making solid profits and despite whatever the government may do, their earning potential is absolute and longstanding. There is no reason why their stock shouldn't be double what it is today. |
| #2 By 3339 (65.198.47.10) at 4/18/2002 6:13:27 PM |
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actually, daz, these results are on the extremely low end of expectations. This is including almost 900 million in revenue from the sale of Expedia--MS can't expect that to save their asses again in the future. Even those who factored in Expedia, only expected it to account for 10 cents, not 15--so MS's profits are looking soft. And MS doesn't seem to be able to handle stock investments, unless it's their goal to write off these losses, but it seems to me like every quarter these days, MS is reporting some loss due to investments.
Add to the top of that that they gave extremely timid and unspectacular forward guidance, and that's why you see the market take a few bites of MS. |
| #3 By 3339 (65.198.47.10) at 4/18/2002 6:15:25 PM |
| Has anyone seen a P/L on the XBox? I've seen revenue, but who cares about that. And I'm too lazy to read through the 10Q. |
| #4 By 3339 (65.198.47.10) at 4/18/2002 6:55:46 PM |
| Well, they've also serious pulled back on XBox projections--now 3.5-4 instead of 4.5 to 6 million. Starting to get an idea, daz, why the stock is going through the roof? |
| #5 By 2332 (129.21.145.80) at 4/18/2002 8:44:53 PM |
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Actually, it's not as clear as Sodajerk would like you to believe.
"If estimates fully included investment write-offs, Microsoft fell a few cents short of the mark. If not, the company may have beat targets by a wide margin." http://zdnet.com.com/2100-11-886469.html |
| #6 By 20 (24.243.51.87) at 4/18/2002 8:45:18 PM |
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The fact that they can sell one XBox in today's climate is huge, let alone 3.5-4 million.
The stock is still undervalued considering the company is making huge profits and still continues to sell like crazy. Yeah, sales aren't as great as they used to be, but look at every other company. Their sales have all by completely stopped dead. Microsoft is still way ahead of everyone on sales and continues to push all their products despite no one having any money. Their stock is still undervalued. |
| #7 By 20 (24.243.51.87) at 4/18/2002 8:47:40 PM |
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#4: Wow, anonymous coward. Just because you're an idiot who can't spell Microsoft correctly doesn't mean you know dick.
As for MS price gouging, if you knew your ass from a hole in the ground, you'd know that MS' prices are adjustedly cheaper than they were 5 and 10 years ago. You pay comparatively less for Office today then you did back in the 90's. Same for Windows. Go back to high school and take Econ 101 and then come back and look less like an idiot. KK GG THX |
| #8 By 3339 (65.198.47.10) at 4/18/2002 9:03:05 PM |
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Yeah, I've read that too, RMD--and I haven't found anything that would even suggest it's otherwise after reading about 15 stories. That's a pretty specious claim anyway "wide mark"--then why not include these write-offs? Hell, why not include any of them? Would you be doing anything hinky with your reporting this quarter considering what's going on right now?
Without the profit from Expedia, they would have reflected a 23% decline in earnings from the same quarter last year. That we can determine from what is being reported. |
| #9 By 3339 (65.198.47.10) at 4/18/2002 9:06:42 PM |
| daz, cheerlead for MS all you want, but don't try to make it a financial argument; you aren't making MS or yourself look any better. MS is lucky to be where they are at today. They are actually growing sales just fine; it's the earnings that are diminishing. They have a P/E over 50--unless you can foresee 30-40% year over years growth for MS, they do not deserve a valuation any higher than they already have... |
| #10 By 3653 (65.190.70.73) at 4/18/2002 9:56:17 PM |
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sodajerk... your ignorance again reaches new levels...
"Expedia--MS can't expect that to save their asses again in the future" Dumbasss - the expedia sale didn't save anything. Analysts simply adjusted their estimates by the same amount as the sale. So, in effect the sale affected nothing but the money in the bank. If you did even an ounce of research, you'd know that the Expedia sale was supposed to close last quarter. When it didn't close, the analysts simply changed their estimates by the exact amount as the sale price. Too lazy to read the 10Q? Too bad you aren't too lazy to make a fool out of yourself day in and day out. This post was edited by mooresa56 on Thursday, April 18, 2002 at 21:56. |
| #11 By 3339 (65.198.47.10) at 4/19/2002 2:43:32 PM |
| mooresa, I wasn't talking about Expedia saving them in the sense of what was or was not expected of them. I'm saying save them in the sense that earnings would have shown a steep decline had they not been posting the profits from the sale this quarter. Expectations always have a good understanding of financial transactions and what not, but analysts also look at operating profit/loss, revebue, cash flow--and MS is empatically looking for new sources of revenue... |
| #12 By 3653 (208.175.219.6) at 4/19/2002 3:29:50 PM |
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#17, isn't every company looking for new sources of revenue? Of course they are. You are trying to twist that into "MS is scared and knows its bread and butter business is dead". That is where I have my beef with your comments.
You can't really think that the OS and Office Suite business is dead. The Office jewel is just starting to be leveraged (remote disk space, a la carte features, per-use features, etc) and wait until they fully commit Outlook to be a real Great Plains client. Wow, thats gonna be huge. Everyone is always wondering what MS is going to do with their cash horde. Well, they are EXPANDING, looking at complementary businesses. That is the same as every other successful company, regardless of scale. |
| #13 By 3339 (65.198.47.10) at 4/19/2002 4:03:10 PM |
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No, I'm not saying the bread and butter is dead--I'm saying the growth is measured and depends on a lot of factors... They are already at a Price to Earnings ratio of over 50. They cannot easily show signs of strongth growth (I'd say at least 25%)... I think MS is lucky to be valued at where they are...
The growth is going to come from expansion, huh? Tell that to HP, Vivendi, Cisco; ask them how their growth thru acquisitions are doing for them? Acquiring can just as easily create greater costs or diminish earnings... My only point is daz is nutso if he thinks MS is undervalued. |
| #14 By 3339 (65.198.47.10) at 4/19/2002 4:07:39 PM |
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Hell, to take it further, I could udnerstand and would appreciate selling if the results were fantastic--I can appreciate profit taking... But daz expressed shock and dismay that the stock wasn't climbing... This is ridiculous... Companies that had great reports--they ran up through the day and people nibbled profits in afterhours--I wouldn't jump up and down and say, "What the fuh! is wrong with people on Wall Street? Are they retarded? There is no reason why their stock shouldn't be double what it is today."
Whatever! There are lots of reasons for it to be valued less than it is. |
| #15 By 3339 (65.198.47.10) at 4/19/2002 4:25:31 PM |
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For more on my sense of the financial situation read these articles:
http://www.theregister.co.uk/content/4/24943.html even if it is the register, this is an accurate and probing assessment that softies should appreciate for asking the hard questions http://quote.bloomberg.com/fgcgi.cgi?mnu=news&ptitle=Technology%20UK&tp=ad_uknews&T=news_storypage99.ht&ad=uktechnology&s=APL9IqxWFTWljcm9z From Bloomberg--,ost of the reg info comes from here; Bloomberg doesn't hava very positive picture of MS either--I can't believe this story hasn't been posted yet... It's accurate, strong, incisive, and Ballmer should pay attention to it. |
| #16 By 3339 (65.198.47.10) at 4/19/2002 5:42:27 PM |
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btw, mooresa, I think the future that you point to are horrible ideas: why make a database-driven CRM tool dependent on a closed data store that sucks--I'd rather see Outlook become more of a product that can connect to other datastores--but unfortunately that'll never happen. If you make GP software tie into Outlook you will LOSE a lot of flexibility and stability.
Office as a Subscription? Aaargh! People are going to hate this. If it's big selling point is going to be a datastore, what the hell do I need it for with a WAN configuration that everyone can either VPN, RAS, or ftp into... Per use features--horrible idea: if I'm going to use a feature, I want it always; if I am testing a feature or developing a new workflow, I want to be able to play with it, test it, and then use it.... I frequently use features for the first time, but I never use a feature once. etc... I wasn't trying to make the point you were suggesting, but I think you did a decent job of it. This post was edited by sodajerk on Friday, April 19, 2002 at 17:48. |
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