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Thursday, April 18, 2013
Microsoft Reports Record Q3 Revenue, Working On Small Touch Devices

Microsoft on Thursday reported a profit of $6 billion, in the fiscal third quarter, up from $5.1 billion, or 60 cents per share, in the year-ago quarter. The company als oconfirmed plans to produce a line of small touch-screen devices powered by Windows.

The software company announced quarterly revenue of $20.49 billion for the quarter ended March 31, 2013. Operating income, net income, and diluted earnings per share for the quarter were $7.61 billion, $6.06 billion, and $0.72 per share.

Microsoft says that these financial results reflect the net recognition of revenue related to the Windows Upgrade Offer, Office Upgrade Offer and Pre-Sales, and the Entertainment and Devices Division Video Game Deferral, partially offset by the European Commission fine.

"The bold bets we made on cloud services are paying off as people increasingly choose Microsoft services including Office 365, Windows Azure, Xbox LIVE, and Skype," said Steve Ballmer, chief executive officer at Microsoft. "While there is still work to do, we are optimistic that the bets we?ve made on Windows devices position us well for the long-term."

The Microsoft Business Division posted $6.32 billion of revenue, an 8% increase from the prior year period.

The company's Server & Tools business reported $5.04 billion of revenue, an 11% increase from the prior year period, driven by double-digit percentage revenue growth in SQL Server and System Center.

The Windows Division posted revenue of $5.70 billion, a 23% increase from the prior year period.

The Online Services Division reported revenue of $832 million, an 18% increase from the prior year period. Online advertising revenue grew 22% driven by an increase in revenue per search.

The Entertainment and Devices Division posted revenue of $2.53 billion, an increase of 56% from the prior year period.

Adjusting for the European Commission fine, Microsoft is revising operating expense guidance downward and now offers a range of $30.2 billion to $30.5 billion for the full year ending June 30, 2013. Microsoft also offers preliminary fiscal year 2014 operating expense guidance of $31.6 billion to $32.2 billion, representing 4% to 6% growth from the mid-point of fiscal year 2013 adjusted guidance.

Microsoft also announced Microsoft CFO Peter Klein will leave the company at the end of the current fiscal year, after nearly four years in role and 11 years at the company. Microsoft will be naming a new CFO from its finance leadership team in the next several weeks.

During a conference call, Klein told investors that the company plans to release new devices powered by the Windows OS, available in coming months at competitive prices. Most probably these devices are aimed at tablets currently offered by Amazon and Apple.

Klein also commented on the updated version of Windows 8 to be released later this year and code-named "Blue." He said that it will be in part a response to "customer feedback."

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