NEWS - Wednesday, July 11, 2001


Microsoft reports losses

In a financial report from Microsoft on Wednesday stated that quarterly revenues would be higher than expected but that it will record a staggering first-ever investment loss of $2.6 billion. But despite the massive non-cash loss, which when factored into earnings will eat up almost all the software giant’s profits, the good news of strong revenues won out, sending Microsoft shares shooting up 6 percent after-hours.

Although the stock lost two-thirds of its value last year after hitting a high of nearly $120, the company has been one of the best-performing blue chips this year, posting a gain of more than 15 percent in the past 6 months, compared to about a 10-percent loss by the Standard & Poor’s 500 index

``Core revenue growth for the quarter was strong and reflects consumer enthusiasm for our products and services despite a slowing economy,’’ Chief Financial Officer John Connors said in a statement. Connors also commented on the future, citing updates to the company’s twin franchise of Windows and Office package of business productivity software, as well as its upcoming video game console, the Xbox.

More information regarding Microsofts’ lost revenue and investments can be found in this Yahoo article. Thanks Dr.J for the heads up!
Source: http://dailynews.yahoo.com/

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