We've already seen how the economy affected Intel, AMD, and Apple last quarter. So, what about Microsoft? The software maker posted its earnings late yesterday, reporting a 6% revenue drop. According to CNNMoney.com, that's the first time Microsoft's revenue has fallen in its 23 years as a public company.
Specifically, Microsoft posted $13.65 billion in revenue and $2.98 billion net income for the first calendar quarter (which corresponds to the third quarter of its 2009 fiscal year). Compared to the same quarter a year ago, that's a 6% decline in revenue and a 32% drop in net income. The company blames "weakness in the global PC and Server markets" for those results.
Despite having to announce a revenue drop to stockholders for the first time, Microsoft COO Chris Liddel doesn't sound too broken up. "While market conditions remained weak during the quarter, I was pleased with the organization’s ability to offset revenue pressures with the swift implementation of cost-savings initiatives," he said. Liddel expects the market weakness to continue "through at least the next quarter."