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Microsoft reveals first ever revenue decline

Friday, April 24, 2009

Microsoft has revealed a 6% drop in revenue, the first fall since the company went public in 1986. Revenue of $13.65bn reflects slowing IT spend as the economic crisis continues.

The Redmond giant reported financial results for the third quarter ended March 31, 2009, including a 32% year on year decline in net income to $2.98bn. The figures include $290m worth of severance charges relating to its plan to shed 5,000 jobs, which was announced in January this year.

Chris Liddell, Microsoft’s chief financial officer, said: “While market conditions remained weak during the quarter, I was pleased with the organisation’s ability to offset revenue pressures with the swift implementation of cost-savings initiatives. We expect the weakness to continue through at least the next quarter.”

Article sourced from http://desktops.cbronline.com/, click here to read full story.

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