$900 million charge related to Surface RT inventory adjustment

July 18th, 2013, 23:00 Posted By: wraggster

Microsoft just reported its Q4 2013 earnings, and the Redmond behemoth has found itself with $19.90 billion in revenue, $6.07 billion in operating income, and $4.97 billion in net income. Quite a lot has happened since the outfit showed $6.06 billion in profit last quarter -- its CFO stepped down, the Xbox One was introduced, DRM policies were instituted (and then reversed), Don Mattrick departed for Zynga, and Steve Ballmer himself put in place a new organizational structure. Of note, Microsoft is taking a $900 million charge "related to Surface RT inventory adjustments," and we're also told that the figures "reflect the recognition of $782 million of previously deferred revenue related to the Office Upgrade Offer."
Amy Hood, chief financial officer at Microsoft, made no bones about the fact that these results -- while huge -- do indeed show the impact of a declining PC market. It should make sense, then, to see Microsoft focusing ever more intently on enterprise and cloud offerings, particularly given the weak demand for its own Surface tablets. All told, the company raked in $26.76 billion in operating income for its fiscal year 2013. Specifically, its Business division saw revenue grow 14 percent for Q4 and 3 percent for the full year, while Server & Tools grew 9 percent in Q4 and the full year. Windows revenue was up 6 percent this quarter and 5 percent on the year, while the Entertainment & Devices group saw an 8 percent uptick in Q4 while recognizing a 6 percent rise for all of 2013. Of course, Wall Street isn't apt to look fondly on Microsoft's forward looking update, which revises operating expense guidance downward to $31.3 billion to $31.9 billion for the full fiscal year ending June 30, 2014.

http://www.engadget.com/2013/07/18/m...-rt-inventory/

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