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Edition: U.S. Article Comments (7) Follow Reuters Facebook Twitter RSS YouTube Read Casey Anthony gets job offers, taxpayers get legal bill 21 Jul 2011 New Mexico sheriff faces possible jail term over eBay sales 21 Jul 2011 Debt talks begin critical phase | 1:04am EDT Microsoft Windows fizzles as PC fears loom 21 Jul 2011 GE expected to report 13 percent rise in profit 21 Jul 2011 Discussed 198 Senate group offers $3.75 trillion deficit cuts 141 New plan offers hope for progress in debt talks 78 Debt showdown moving into crunch time Watched Korea's newest singing sensation Thu, Jul 21 2011 Pakistan Taliban releases video of mass execution Mon, Jul 18 2011 Frustration mounts in Chile over tsunami reconstruction Thu, Jul 21 2011 Microsoft Windows fizzles as PC fears loom Tweet Share this Email Print Related News Instant view: Microsoft beats Street view, shares climb Thu, Jul 21 2011 Analysis & Opinion Tech wrap: Amazon plans Android tablet The Murdoch discount Related Topics Technology » Hot Stocks » Asian Markets » Media » iPad » Microsoft Corp Chairman Bill Gates speaks during a news conference in Tokyo May 7, 2008. Credit: Reuters/Yuriko Nakao By Bill Rigby SEATTLE | Thu Jul 21, 2011 8:02pm EDT SEATTLE (Reuters) - Sales of Microsoft Corp's flagship Windows software disappointed for the third straight quarter, taking the gloss off better-than-expected earnings that were aided by an unusually low tax rate. The results failed to excite a market already wary about growth prospects for the company and PC industry as netbook sales give way to tablets. The stock was flat in after-hours trading. "All eyes are on Windows and how they are ultimately going to extend this franchise in the future, as the PC business continues to lose share to the tablets," said Josh Olson, technology analyst at money manager Edward Jones. "Microsoft is really a show-me story in terms of its ability to extend its core flagship products to these new growth platforms." On Wednesday, chipmaker Intel Corp warned that PC sales will not be as strong as it had expected this year. Microsoft is expected to enter the tablet market in earnest next year with the launch of its next operating system -- code-named Windows 8 -- which will be compatible with the low-power chips designed by ARM Holdings favored by tablet and mobile phone makers. Despite the Windows dip, Microsoft managed to ease past Wall Street's earnings estimates, helped by strong sales of its Office software and Xbox game console, as well as a dramatic drop in its tax bill. The world's largest software maker follows Google Inc, Apple Inc and International Business Machines Corp in reporting surprisingly good results as technology spending holds up relatively well in an uncertain economy. BIG BEAT The Redmond, Washington-based company on Thursday posted net profit of $5.87 billion, or 69 cents per share, up from $4.52 billion, or 51 cents per share, in the year-ago quarter. That easily beat Wall Street's average estimate of 58 cents, according to Thomson Reuters I/B/E/S. Microsoft has beaten the average profit estimate for each of the last nine quarters. Microsoft was helped by an unusually low tax rate of 7 percent in the quarter, which cut its tax bill by more than $1 billion from the year before, to $445 million. The company, which gets most of its revenue from overseas, said the savings were due to a one-time tax gain and more business flowing through its regional centers in the low-tax jurisdictions of Ireland, Singapore and Puerto Rico. Sales rose 8 percent to $17.37 billion, ahead of analysts' average estimate of $17.23 billion, boosted chiefly by sales of Office, Xbox and server software behind Microsoft's push into Internet-centric, or "cloud" computing. Microsoft shares fluctuated after the results were announced in after-hours trading, settling close to their closing price of $27.09 on Nasdaq. The stock is up 8 percent over the past 12 months, compared to a 30 percent rise in the Nasdaq composite index. The shares are stuck at a level first hit in 1998, adjusted for stock splits. "These numbers are good. The question is, what will make Microsoft break this range in which it is stuck, between $25 and $28?" said Trip Chowdhry, managing director at Global Equities Research. "I don't see these numbers giving an indication that the stock is going to break away." OFFICE, XBOX STAR Spending by businesses on technology has generally outstripped cash-strapped consumers since the worldwide economic downturn. Microsoft's business division, which last month rolled out online versions of its popular Office suite of programs such as Outlook, SharePoint and Excel, was the company's biggest seller in the quarter, racking up a 7 percent increase in sales to $5.8 billion. The server and tools business, which sells software used by datacenters -- an essential building block of cloud computing -- posted a 12 percent increase in sales to $4.6 billion. The entertainment and devices unit, which sells the company's video game and phone products, posted a 30 percent increase in sales to $1.5 billion, mostly due to the popularity of the Xbox and the new hands-free gaming Kinect add-on. Sales at the Windows unit fell 0.8 percent to $4.7 billion. PC sales grew only 2.3 percent in the second quarter, according to tech research firm Gartner, well below earlier projections, as economic uncertainty hangs over consumers and Apple's iPad and other tablets eat into the market. Microsoft's perennial money-losing online services unit, which runs the Bing search engine and MSN Internet portal, posted a 16.5 percent increase in sales to $662 million, but its loss widened to $728 million from a loss of $688 million a year ago, as Microsoft continues to pour money into attacking Google. The unit has now lost almost $6.5 billion in the last three fiscal years. (Additional reporting by Alexei Oreskovic in San Francisco and Liana Baker in New York; Editing by Richard Chang) Technology Hot Stocks Asian Markets Media iPad Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (7) nyc863 wrote: US company Microsoft — which might book most of its revenue in tax havens, EARNs most of it in high tax jurisdictions starting with the US — ends up keeping 93% of its money, while its most junior employee pays 30%+, and will have their social security cut. What is wrong with this picture. Jul 21, 2011 8:34pm EDT -- Report as abuse Majick1 wrote: We need to give MS a tax break so they can great more jobs – outside the US. We can easily make up for this by slashing Social Security Benefits of those job killing seniors. At least MS paid SOME taxes unlike Exxon and GE Jul 21, 2011 10:30pm EDT -- Report as abuse Alfred.Brock wrote: Microsoft’s taxes went down – and mine went up. That is not right. This state of affairs cannot long be sustained. I have no interest in seeing it continue – how about you? Jul 21, 2011 11:27pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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