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Saturday, 21 July 2012

Microsoft logs in first quarterly loss in 26 years

Image representing Microsoft as depicted in Cr...             

NEW YORK: Slipping into the red for the first time in nearly three decades, Microsoft has reported a loss of $492 million in the June quarter due to a non-cash writedown of $6.2 billion related to non-performance of online advertising business. 

The staggering charge is due to non-performance of its internet services division - aQuantive - which Microsoft had snapped up five years ago. This is for the first time since 1986 - when it went public - that Microsoft has clocked a quarterly loss. In the three months ended June 2011, the company had a net income of $5.87 billion. 

"The financial results reflect the previously announced non-cash, non-tax-deductible income statement charge of $6.19 billion for the impairment of goodwill and the deferral of $540 million of revenue related to Windows upgrade offer," the company said in a statement. 

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