Microsoft reports first loss in 26 year history
Microsoft reported a quarterly loss for the first time in its 26 years of trading on the market on Thursday afternoon.
The tech giant had warned previously that it would be taking a $6.19 billion write-down its 2007 acquisition of aQuantive, which Microsoft acquired with a plan to break into the display market that continues to be dominated by Google.
Total losses for the quarter amounted to $492 million — a far cry from the $5.9 billion in net income, the company reported for the same period a year ago.
The news wasn't all bad for Microsoft though. Revenue increased 4% year-on-year to $18.06 billion. The Entertainment and Devices Division saw the biggest growth: Revenue there grew 20% for the fourth quarter and 8% for the full year.
In the earning release, Microsoft CEO Steve Ballmer reminded investors that there was much to look forward for the rest of the year, including the high-profile launches of Office 15 and Windows Phone 8.