Microsoft Corporation (NASDAQ:MSFT) Shares Stable Near Multi-Year Highs
Microsoft Corporation (NASDAQ:MSFT) shares have been showing range bound trading over the past few trading sessions as the stock recent made multi year high. The stock has outperformed the wider market so far this year with a gain of over 19%. The third quarter results of the company reported a 50% y-o-y drop in the sales of Xbox 360. Hence the company is rumored to be reducing the Xbox 360’s price to $99, if consumers agree to a two-year contract that includes a $15 per month fee. The company also reported that it has added Stephen J. Luczo, the chairman and chief executive of hard-drive maker Seagate Technology PLC (STX) as its newest director.
On May 3, 2012, Microsoft Corp and Aspen Avionics Inc announced that they have signed a patent licensing agreement that gives Aspen broad access to the latest Extended File Allocation Table (exFAT). exFAT is a modern file system from Microsoft that facilitates files for audiovisual media and enables seamless data portability and an easy interchange between desktop PCs and other electronic devices.
The company had also entered into a licencing agreement with Dolby Labs Inc. Dolby Digital Plus has been selected to create the most realistic and immersive audio experiences for Windows 8 on tablets and PCs.
The company posted net income of $5.1 billion, or 60 cents a share, down from a year ago profit of $5.2 billion, or 61 cents a share. Last year’s results were boosted by a tax benefit of $461 million, or 5 cents per share. Revenue during the latest quarter grew 6% year-over-year to $17.4 billion. Analysts were estimating the company to report 58 cents per share on revenue of $17.2 billion.
Most of Microsoft’s businesses posted solid sales growth compared with last year: 14% for the server and tools division; 9% for the business sector, which includes Office; 6% for online services. Microsoft’s Windows division sales increased by 4% year-over-year to $4.6 billion.
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