Microsoft announced its earnings for the fiscal quarter ending September 30, 2008. For them, it's the first quarter of their fiscal year, while other companies go with the traditional calendar and call it their third quarter. Their net income increased by 2%. This was due largely in part to XBox360, a gaming console which recently received a price slash. It has been widely noted that Microsoft has a bunch of cash on hand, especially since they didn't end up acquiring Yahoo after all (yet). MSFT was up .28 at the time of this post. Though with the markets as volatile as they are, that could change at any minute. Here's the press release: Microsoft Reports Record First-Quarter Revenue Thursday October 23, 4:10 pm ET Revenue surpasses $15 billion with healthy sales of enterprise software and Xbox 360 consoles REDMOND, Wash., Oct. 23 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced revenue of $15.06 billion for the fiscal quarter ended Sept. 30, 2008, a 9% increase over the same period of the prior year. Operating income, net income and diluted earnings per share for the quarter were $6.00 billion, $4.37 billion and $0.48, respectively. Microsoft showed particular strength in multiyear annuity sales, which grew more than 20% during the quarter from the combined businesses of Client, Microsoft Business Division and Server and Tools. "Our customers are asking how they can save money and do more with less," said Kevin Turner, chief operating officer at Microsoft. "Microsoft is uniquely positioned to help our customers save money through supplier consolidation, increased productivity, and a low total cost of ownership through the depth and breadth of our product portfolio and solutions." Microsoft continued to add to its product and services portfolio with innovative offerings such as Microsoft SQL Server 2008, Microsoft Hyper-V Server 2008 and the first service update to Microsoft Dynamics CRM Online. "In a challenging economic environment, the first-quarter results exhibit the strength and diversity of our business model," said Chris Liddell, chief financial officer of Microsoft. Business Outlook Microsoft's business outlook reflects a balance of risks and the likelihood of a continued economic slowdown. The trends seen late in the first-quarter are now forecasted to continue, whereas previous expectations were for the economy to improve in the second half of the fiscal year. In this economic environment, the company is focused on three main actions; working with customers to provide high value products at the lowest total overall cost of ownership, increasing focus on expense management and targeting investment into the highest priority strategic opportunities. Microsoft management offers the following guidance for the quarter ending Dec. 31, 2008: -- Revenue is expected to be in the range of $17.3 billion to $17.8 billion. -- Operating income is expected to be in the range of $6.1 billion to $6.4 billion. -- Diluted earnings per share are expected to be in the range of $0.51 to $0.53. Management offers the following guidance for the full fiscal year ending June 30, 2009: -- Revenue is expected to be in the range of $64.9 billion to $66.4 billion. -- Operating income is expected to be in the range of $24.4 billion to $25.5 billion. -- Diluted earnings per share are expected to be in the range of $2.00 to $2.10. Liddell noted that "we feel extremely good about our relative competitive position and our ability to continue outgrowing IT spend. We believe our exceptionally strong cash flow, product pipeline and financial strength will allow us to weather economic conditions well." Webcast Details Microsoft will hold an audio webcast at 2:30 p.m. PDT (5:30 p.m. EDT) today with Chris Liddell, senior vice president and chief financial officer, Frank Brod, corporate vice president and chief accounting officer, and Bill Koefoed, general manager of Investor Relations, to discuss details of the company's performance for the quarter and certain forward-looking information. The webcast will be available for replay through the close of business on Oct. 23, 2009. About Microsoft Founded in 1975, Microsoft (Nasdaq: MSFT - News) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential. Forward-Looking Statements Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as: -- challenges to Microsoft's business model; -- intense competition in all of Microsoft's markets; -- Microsoft's continued ability to protect its intellectual property rights; -- claims that Microsoft has infringed the intellectual property rights of others; -- the possibility of unauthorized disclosure of significant portions of Microsoft's source code; -- actual or perceived security vulnerabilities in Microsoft products that could reduce revenue or lead to liability; -- government litigation and regulation affecting how Microsoft designs and markets its products; -- Microsoft's ability to attract and retain talented employees; -- delays in product development and related product release schedules; -- significant business investments that may not gain customer acceptance and produce offsetting increases in revenue; -- changes in general economic conditions that affect our investment portfolio or demand for computer hardware or software; -- adverse results in legal disputes; -- unanticipated tax liabilities; -- quality or supply problems in Microsoft's consumer hardware or other vertically integrated hardware and software products; -- impairment of goodwill or amortizable intangible assets causing a charge to earnings; -- exposure to increased economic and regulatory uncertainties from operating a global business; -- geopolitical conditions, natural disaster, cyberattack or other catastrophic events disrupting Microsoft's business; -- acquisitions and joint ventures that adversely affect the business; -- improper disclosure of personal data could result in liability and harm to Microsoft's reputation; -- outages and disruptions of online services if Microsoft fails to maintain an adequate operations infrastructure; -- sales channel disruption, such as the bankruptcy of a major distributor; and -- Microsoft's ability to implement operating cost structures that align with revenue growth. For further information regarding risks and uncertainties associated with Microsoft's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of Microsoft's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft's Investor Relations department at (800) 285-7772 or at Microsoft's Investor Relations Web site at 網站架設 www.microsoft.com/msft. All information in this release is as of Oct. 23, 2008. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. Microsoft Corporation Income Statements (In millions, except per share amounts) (Unaudited) Three Months Ended September 30, 2008 2007 Revenue $15,061 $13,762 Operating expenses: Cost of revenue 2,848 2,675 Research and development 2,283 1,837 Sales and marketing 3,044 2,683 General and administrative 887 718 Total operating expenses 9,062 7,913 Operating income 5,999 5,849 Other income (expense) (8) 367 Income before income taxes 5,991 6,216 Provision for income taxes 1,618 1,927 Net income $4,373 $4,289 Earnings per share: Basic $0.48 $0.46 Diluted $0.48 $0.45 Weighted average shares outstanding: Basic 9,084 9,380 Diluted 9,183 9,513 Cash dividends declared per common share $0.13 $0.11 Microsoft Corporation Balance Sheets (In millions) September 30, June 30, 2008 2008 (1) (Unaudited) Assets Current assets: Cash and cash equivalents $9,004 $10,339 Short-term investments (including securities pledged as collateral of $1,011 and $2,491) 11,718 13,323 Total cash, cash equivalents, and short-term investments 20,722 23,662 Accounts receivable, net of allowance for doubtful accounts of $168 and $153 9,535 13,589 Inventories 1,640 985 Deferred income taxes 1,974 2,017 Other 3,331 2,989 Total current assets 37,202 43,242 Property and equipment, net of accumulated depreciation of $6,622 and $6,302 6,552 6,242 Equity and other investments 4,381 6,588 Goodwill 12,291 12,108 Intangible assets, net 1,899 1,973 Deferred income taxes 1,041 949 Other long-term assets 1,751 1,691 Total assets $65,117 $72,793 Liabilities and stockholders' equity Current liabilities: Accounts payable $3,351 $4,034 Short-term debt 1,975 - Accrued compensation 2,138 2,934 Income taxes 514 3,248 Short-term unearned revenue 11,815 13,397 Securities lending payable 1,070 2,614 Other 3,520 3,659 Total current liabilities 24,383 29,886 Long-term unearned revenue 1,662 1,900 Other long-term liabilities 5,478 4,721 Commitments and contingencies Stockholders' equity: Common stock and paid-in capital - shares authorized 24,000; outstanding 8,977 and 9,151 61,655 62,849 Retained deficit, including accumulated other comprehensive income of $877 and $1,140 (28,061) (26,563) Total stockholders' equity 33,594 36,286 Total liabilities and stockholders' equity $65,117 $72,793 (1) Derived from audited financial statements Microsoft Corporation Cash Flows Statements (In millions) (Unaudited) Three Months Ended September 30, 2008 2007 Operations Net income $4,373 $4,289 Depreciation, amortization, and other noncash items 585 435 Stock-based compensation expense 443 333 Net recognized losses (gains) on investments and derivatives 36 (187) Excess tax benefits from stock- based payment arrangements (44) (69) Deferred income taxes 376 357 Unearned revenue 4,186 3,821 Recognition of unearned revenue (6,044) (4,965) Accounts receivable 3,985 2,806 Other current assets (558) (235) Other long-term assets (116) (11) Other current liabilities (4,552) (1,189) Other long-term liabilities 700 493 Net cash from operations 3,370 5,878 Financing Proceeds from short-term debt 1,975 - Common stock issued 228 646 Common stock repurchased (6,493) (2,930) Common stock cash dividends (998) (938) Excess tax benefits from stock- based payment arrangements 44 69 Net cash used in financing (5,244) (3,153) Investing Additions to property and equipment (778) (510) Acquisition of companies, net of cash acquired (377) (5,396) Purchases of investments (4,246) (5,997) Maturities of investments 464 330 Sales of investments 7,075 9,120 Securities lending payable (1,543) 196 Net cash from (used in) investing 595 (2,257) Effect of exchange rates on cash and cash equivalents (56) 58 Net change in cash and cash equivalents (1,335) 526 Cash and cash equivalents, beginning of period 10,339 6,111 Cash and cash equivalents, end of period $9,004 $6,637 Microsoft Corporation Segment Revenue and Operating Income (Loss) (In millions) (Unaudited) Three Months Ended September 30, 2008 2007 Revenue Client $4,218 $4,139 Server and Tools 3,406 2,900 Online Services Business 770 671 Microsoft Business Division 4,949 4,117 Entertainment and Devices Division 1,814 1,929 Unallocated and other (96) 6 Consolidated $15,061 $13,762 Operating Income (Loss) Client $3,267 $3,388 Server and Tools 1,151 959 Online Services Business (480) (267) Microsoft Business Division 3,311 2,700 Entertainment and Devices Division 178 167 Corporate-level activity (1,428) (1,098) Consolidated $5,999 $5,849 Source: Microsoft Corp.

I don't know if everyone is in a bad mood over the economy or what, but web content is having the worst week ever. First, Google CEO Eric Schmidt said the internet was a cesspool. Then, Kevin Kelleher at GigaOm said that certain social sites are ruining the whole social networking industry because their nicheiness has gone just a little too far in his not-so-humble opinion. Finally, David Cowan decided that the "internet sucks" meme was a good idea for a marketing campaign to push MashLogic, including the tagline "Take back the web." You may not want to join a social network dedicated to the admiration of David Hasselhoff, but that doesn't mean social media is doomed. You may enjoy half the videos on YouTube, but perhaps they weren't all created for you. In a modern day world of customization and the web making things more immediate, we've come to expect what we want when we want it. But now that's leading to self-important decisions about what should be on the internet in the first place. The problem with declaring the web as full of junk is that such elitist thinking generally leads to a social form of censorship. The world wide interwebs thrive off of openness and access for as many people as possible. But if we begin to reign it in because some CEOs, bloggers, and startups decide that what they think is good is the only thing that matters, then the web will truly become a garbage dump of narrow, upper crust excogitation.

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