MSFT missed Q1 revenue estimates.

マイクロソフトが予想を大きく下回る第1四半期の売上を発表し、時間外取引で早速5%位株価が低下しています。

PC需要が低下しているとか、途上国では違法コピー率が高いとかを理由にしていますが、Intelの決算を見ている限りPCの需要が劇的に落ちているとも思えないですし、途上国の違法コピーの氾濫など今に始まった話ではなく昔からずっと存在しています。

要するにリソース食いまくって重いと悪評高いVistaが、アーリーアダプター層から拡大せずマイクロソフトの目算ほど売れてないだけのような気が…

ちなみに、私はVista Basicです。



Microsoft Slides After Sales Throw Doubt on PC Demand (Update2)

By Amy Thomson and Crayton Harrison
Enlarge Image/Details

April 25 (Bloomberg) -- Microsoft Corp., whose Windows software dominates the personal-computer market, fell 4.6 percent in early U.S. trading after sales slumped, casting doubt on whether PC demand can hold up in a slowing economy.

The world's largest software maker reported a 24 percent drop in sales of Windows last quarter and forecast earnings that may miss analysts' estimates, breaking a streak of positive reports from Intel Corp. and Google Inc. More PC sales are coming from developing economies, where software prices are lower and piracy is more common, dragging down Windows revenue.

``Emerging markets have very high piracy rates,'' said American Technology Research analyst Donovan Gow. He recommends buying Microsoft shares, which he doesn't own. ``They're not paying for the copies of Windows on those PCs.''

Microsoft dropped $1.45 to $30.35 in trading before U.S. exchanges opened. The shares closed at $31.80 on the Nasdaq Stock Market yesterday. They had climbed 13 percent since April 15, when chipmaker Intel kicked off technology industry earnings with a forecast that beat analysts' estimates.

Microsoft also said it was standing firm on an offer to buy Yahoo! Inc. for $44.6 billion. Chief Financial Officer Chris Liddell said the company doesn't plan to raise the bid for Yahoo, which rejected the offer. If no deal is reached by this weekend, Microsoft may explore other options, such as trying to oust Yahoo's board or walking away from the offer, he said. Yahoo spokeswoman Diana Wong declined to comment.

Profit Drop

Third-quarter net income fell 11 percent to $4.39 billion, or 47 cents a share. Revenue was little changed at $14.5 billion. Microsoft said profit this quarter will be 45 cents to 48 cents on sales of $15.5 billion to $15.8 billion. That compares with estimates of 48 cents and $15.5 billion.

Analysts had expected Windows sales to exceed predictions because research firm IDC said this month that PC shipments rose 15 percent in the quarter. Microsoft had forecast growth of as much as 11 percent. More than 90 percent of the world's PCs use Windows, suggesting its sales would at least grow at the industry's rate.

The shortfall occurred in a region where Microsoft has been cutting prices and trying to discourage piracy. Piracy rates rose anyway, particularly in China, Liddell said.

``Revenue growth relative to unit growth isn't as strong,'' he said yesterday in an interview.

Windows sales fell to $4.03 billion. UBS AG's Heather Bellini, the top-ranked software analyst by Institutional Investor, had predicted $4.3 billion. Sales of Office word- processing and spreadsheet applications also trailed forecasts.

Internet Unit

Losses at Microsoft's Internet business widened to $228 million, while sales rose 40 percent to $843 million. Microsoft had forecast growth of as much as 45 percent.

Chief Executive Officer Steve Ballmer plans to use the Yahoo acquisition to expand that business, making it a bigger competitor to Google. Google's revenue, excluding sales passed on to partner sites, climbed 46 percent last quarter to $3.7 billion.

Google has the world's most popular Internet search engine, followed by Yahoo. Microsoft ranks third.

Microsoft has options for building out its online business without Yahoo, including other investments and partnerships, Liddell said. In the buyout talks, Yahoo has expressed ``unrealistic expectations of value,'' he said.

``Yahoo continues to lose search share and profit continues to decline year on year,'' Liddell said. ``We have been clear that speed is of the essence for the deal to make sense.''

Yahoo Evasive

Yahoo CEO Jerry Yang first spurned Microsoft's advances in February, rejecting the $31-a-share bid. Seeking an alternative, Yahoo has approached rivals such as Time Warner Inc.'s AOL about making a deal. Ballmer may begin a proxy contest to oust Sunnyvale, California-based Yahoo's board as soon as this weekend.

One bright spot in the quarter came from the Xbox video-game unit, where sales growth was almost double some forecasts. The business posted its third straight quarterly profit, and revenue rose 68 percent to $1.58 billion. Microsoft predicted growth of between 25 percent and 35 percent.

Microsoft has lined up exclusive titles such as ``Halo 3'' and ``Mass Effect'' to steal gamers away from Nintendo Co.'s Wii system.

Microsoft has cut the price of the Xbox 360 console in Europe at least twice in the past year, prompting sales to more than double, Chris Lewis, vice president of Microsoft's interactive business in Europe, said this month.
[PR]
by linate | 2008-04-25 22:33 | マーケット雑感


株屋ですよ。


by linate

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