Microsoft anuncia resultados del Q2 2014

Siguiendo con la temporada de reportes y curiosamente la empresa que la semana pasada anunció despidos, Microsoft, fue la empresa que tuvo su turno de anunciar sus resultados financieros.

Y al parecer que en Microsoft el segundo trimestre del año 2014 fue término medio para Microsoft tomando en cuenta que la empresa logró ganancias de $4.6 billones lo cual es un incremento en comparativa de trimestre tras trimestre, es una reducción en comparación con el trimestre pasado, pero la empresa logra ingresos de $23.38 billones que si se nota como incremente esta vez comparando los resultados del año pasado en el Q2 2013.

Realmente lo que ayudó a Microsoft fue un sorpresivo repunte en el área del mercado PC en parte que Microsoft pudo ir a la mano con manufactureros beneficiados de una alza de la demanda de PC deteniendo un decline continua con un alza del 3% de participación del mercado de computadoras.

Del área de móvil y Tablet, Microsoft incluyó su ahora división de Nokia, se lograron vender 5.8 millones de unidades Nokia y un poco más de 30 millones de unidades NDS y aunque suenen bien los números, realmente representa una caída del 21% de ventas de equipos Lumia, mientras del lado de las Tablets, la Surface Pro 3 todavía sigue siendo un misterio como le fue a la empresa en torno a su Tablet líder para Windows, pues Microsoft no ha querido revelar números preliminares (aunque mencionaron en la conferencia con sus inversionistas mencionaron que la Surface Pro 3 ha sido la mejor que se ha comportado en ventas hasta ahora) pero aun así hay que ser justos con la empresa, la Tablet solo tiene exactamente un mes de haber sido lanzado pero de igual forma esta no detuvo que lo probáramos y no está nada mal la Tablet.

En notas corporativas, Microsoft continúa bien en el área de servicioscon susservidores ycomputación en nube, las cuales son negocioscada vez más importantespara la empresa.Los ingresos hanaumentadoun 11%a$ 13.48 billones.

Y esos números incluyen su servicio de nube Azure, Office 365 para los negocios y empresas, las licencias por volumen de Windows, Exchange, SharePoint y Lync.

Finalmente para el área de gaming con Xbox, Microsoft reportó 1.1 millones de consolas vendidas para este trimestre y sorpresivamente, no se especifica si se trata del Xbox One, Xbox 360 o mezcla de ambos probando que el Xbox sigue compitiendo con Nintendo para el número 2.

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Microsoft Reports Record Revenue of $24.52 Billion in Second Quarter

Double-digit growth in Commercial and Devices and Consumer segments drives record revenue.

 

REDMOND, Wash. — January 23, 2014 — Microsoft Corp. today announced revenue of $24.52 billion for the quarter ended December 31, 2013. Gross margin, operating income, net income, and diluted earnings per share for the quarter were $16.24 billion, $7.97 billion, $6.56 billion, and $0.78 per share, respectively.

The following table reconciles these financial results reported in accordance with generally accepted accounting principles (“GAAP”) to non-GAAP financial results. We have provided this non-GAAP financial information to aid investors in better understanding the company’s performance.

	Three Months Ended December 31,
($ in millions, except per share amounts)	2012 As Reported (GAAP)	Revenue deferred for Windows Upgrade Offer, Office Deferral, and Video Game Deferral	Revenue recognized for Windows 8 Pre-sales	2012 As Adjusted (Non-GAAP)	2013 As Reported (GAAP)	%Y/Y (GAAP)	%Y/Y (Non-GAAP)
Revenue	$21,456	$1,329	($783)	$22,002	$24,519	14%	11%
Operating Income	$7,771	$1,329	($783)	$8,317	$7,969	3%	(4)%
EPS	$0.76	$0.13	($0.08)	$0.81	$0.78	3%	(4)%

 

“Our Commercial segment continues to outpace the overall market, and our Devices and Consumer segment had a great holiday quarter,” said Steve Ballmer, chief executive officer at Microsoft. “The investments we are making in devices and services that deliver high-value experiences to our customers, and the work we are doing with our partners, are driving strong results and positioning us well for long-term growth.”

“We delivered record revenue as demand for our business offerings remains high and we made strong progress in our Devices and Consumer segment,” said Amy Hood, chief financial officer at Microsoft. “These results reflect our focus on execution, cost discipline, and long-term shareholder value as we continue to drive the strategic transformation of the company.”

Devices and Consumer revenue grew 13% to $11.91 billion.

• Windows OEM revenue declined 3%, reflecting strong 12% growth in Windows OEM Pro revenue, offset by continued softness in the consumer PC market.
• Surface revenue more than doubled sequentially, from $400 million in the first quarter to $893 million in the second quarter.
• The company sold 7.4 million Xbox console units into the retail channel, including 3.9 million Xbox One consoles and 3.5 million Xbox 360 consoles.
• Bing search share grew to 18.2% and search advertising revenue grew 34%.

Commercial revenue grew 10% to $12.67 billion.

• SQL Server continued to gain market share with revenue growing double-digits.
• System Center showed continued strength with double-digit revenue growth.
• Commercial cloud services revenue more than doubled.
• Office 365 commercial seats and Azure customers both grew triple-digits.

“We significantly outpaced enterprise IT spend as we continue to take share from our competitors by delivering the devices and services our customers need as they transition to the cloud,” said Kevin Turner, chief operating officer at Microsoft. “Our commercial cloud services revenue grew more than 100% year-over-year, as customers are embracing Office 365, Azure, and Dynamics CRM Online, and making long-term commitments to the Microsoft platform.”

Business Outlook

Microsoft will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast detailed below.

Webcast Details

Amy Hood, executive vice president and chief financial officer, Frank Brod, chief accounting officer, and Chris Suh, general manager of Investor Relations, will host a conference call and webcast at 2:30 p.m. PST (5:30 p.m. EST) today to discuss details of the company’s performance for the quarter and certain forward-looking information. The session may be accessed at http://www.microsoft.com/investor. The webcast will be available for replay through the close of business on January 23, 2015.

Adjusted Financial Results and Non-GAAP Measures

During the second quarter of fiscal year 2013, GAAP revenue, operating income, and diluted earnings per share included the net deferral of $1.3 billion of revenue for the Windows Upgrade Offer, the Office Upgrade Offer and Pre-sales, and the Video Game Deferral, and the recognition of previously deferred revenue of $783 million for Windows 8 Pre-sales. These items are defined below. In addition to these financial results reported in accordance with GAAP, we have provided certain non-GAAP financial information to aid investors in better understanding the company’s performance. Presenting these measures without the impact of these items gives additional insight into operational performance and helps clarify trends affecting the company’s business. For comparability of reporting, management considers this information in conjunction with GAAP amounts in evaluating business performance. These non-GAAP financial measures should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.

Non-GAAP Definitions

Revenue deferred on sales of Windows 7 with an option to upgrade to Windows 8 Pro at a discounted price (“Windows Upgrade Offer”).

 

Revenue deferred on pre-sales of Windows 8 to OEMs and retailers before general availability (“Windows 8 Pre-sales”).

 

Revenue deferred on sales of the previous version of the Microsoft Office system with a guarantee to be upgraded to the new Office at minimal or no cost and pre-sales of the new Office to OEMs and retailers before general availability (collectively, the “Office Deferral”).

 

Revenue deferred on sales of video games with the right to receive specified software upgrades/enhancements (“Video Game Deferral”).

About Microsoft

Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.

Forward-Looking Statements

Statements in this release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as:

• intense competition in all of Microsoft’s markets;
• increasing focus on services presents execution and competitive risks;
• significant investments in new products and services that may not be profitable;
• acquisitions, joint ventures, and strategic alliances, including our acquisition of Nokia’s Devices and Services business, may have an adverse effect on our business;
• Microsoft’s continued ability to protect its intellectual property rights;
• claims that Microsoft has infringed the intellectual property rights of others;
• the possibility of unauthorized disclosure of significant portions of Microsoft’s source code;
• cyber-attacks and security vulnerabilities in Microsoft products that could reduce revenue or lead to liability;
• disclosure of personal data that could result in liability and harm to Microsoft’s reputation;
• outages, data losses, and disruptions of our online services if we fail to maintain an adequate operations infrastructure;
• government litigation and regulation that may limit how Microsoft designs and markets its products;
• Microsoft’s ability to attract and retain talented employees;
• delays in product development and related product release schedules;
• adverse economic or market conditions may harm our business;
• adverse results in legal disputes;
• unanticipated tax liabilities;
• our hardware and software products may experience quality or supply problems;
• impairment of goodwill or amortizable intangible assets causing a charge to earnings;
• exposure to increased economic and regulatory uncertainties from operating a global business; and
• catastrophic events or geo-political conditions may disrupt our business.

For more information about risks and uncertainties associated with Microsoft’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Microsoft’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at Microsoft’s Investor Relations website at http://www.microsoft.com/investor.

All information in this release is as of January 23, 2014. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company’s expectations.

For more information, press only:

Rapid Response Team, Waggener Edstrom Worldwide, (503) 443-7070, rrt@waggeneredstrom.com

 

For more information, financial analysts and investors only:

Chris Suh, general manager, Investor Relations, (425) 706-4400

 

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news/. Web links, telephone numbers, and titles were correct at time of publication, but may since have changed. Shareholder and financial information, as well as today’s 2:30 p.m. PST conference call with investors and analysts, is available at http://www.microsoft.com/investor.

 

 

MICROSOFT CORPORATION
INCOME STATEMENTS
(In millions, except per share amounts)(Unaudited)
	Three Months Ended December 31,				Six Months Ended December 31,
	2013		2012		2013		2012
Revenue	$   24,519		$21,456		$   43,048		$37,464
Cost of revenue	8,284		5,692		13,398		9,860
Gross margin	16,235		15,764		29,650		27,604
Operating expenses:
Research and development	2,748		2,528		5,515		4,988
Sales and marketing	4,283		4,309		7,587		7,254
General and administrative	1,235		1,156		2,245		2,283
Total operating expenses	8,266		7,993		15,347		14,525
Operating income	7,969		7,771		14,303		13,079
Other income (expense)	(91)		(1)		(17)		225
Income before income taxes	7,878		7,770		14,286		13,304
Provision for income taxes	1,320		1,393		2,484		2,461
Net income	$     6,558		$ 6,377		$   11,802		$10,843
Earnings per share:
Basic	$     0.79		$   0.76		$       1.42		$   1.29
Diluted	$     0.78		$   0.76		$       1.40		$   1.28
Weighted average shares outstanding:
Basic	8,326		8,393		8,333		8,395
Diluted	8,395		8,444		8,423		8,480
Cash dividends declared per common share	$     0.28		$   0.23		$       0.56		$   0.46

 

MICROSOFT CORPORATION
COMPREHENSIVE INCOME STATEMENTS
(In millions)(Unaudited)
	Three Months Ended December 31,				Six Months Ended December 31,
	2013		2012		2013		2012
Net income	$     6,558		$ 6,377		$   11,802		$10,843
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives (net of tax effects of $1, $(5), $(2) and $(29))	43		(9)		17		(54)
Net unrealized gains on investments (net of tax effects of $245, $103, $737 and $251)	482		192		1,434		466
Translation adjustments and other (net of tax effects of $11, $2, $44 and $92)	21		3		83		172
Other comprehensive income	546		186		1,534		584
Comprehensive income	$     7,104		$ 6,563		$   13,336		$11,427

 

MICROSOFT CORPORATION
BALANCE SHEETS
(In millions)(Unaudited)
	December 31, 2013		June 30, 2013
Assets
Current assets:
Cash and cash equivalents	$         10,059		$     3,804
Short-term investments (including securities loaned of $685 and $579)	73,885		73,218
Total cash, cash equivalents, and short-term investments	83,944		77,022
Accounts receivable, net of allowance for doubtful accounts of $316 and $336	15,986		17,486
Inventories	1,594		1,938
Deferred income taxes	1,328		1,632
Other	4,018		3,388
Total current assets	106,870		101,466
Property and equipment, net of accumulated depreciation of $13,686 and $12,513	11,567		9,991
Equity and other investments	14,607		10,844
Goodwill	14,680		14,655
Intangible assets, net	2,945		3,083
Other long-term assets	2,874		2,392
Total assets	$       153,543		$ 142,431
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$           5,398		$     4,828
Short-term debt	300		0
Current portion of long-term debt	2,000		2,999
Accrued compensation	3,169		4,117
Income taxes	591		592
Short-term unearned revenue	17,616		20,639
Securities lending payable	748		645
Other	3,920		3,597
Total current liabilities	33,742		37,417
Long-term debt	20,676		12,601
Long-term unearned revenue	1,858		1,760
Deferred income taxes	2,377		1,709
Other long-term liabilities	9,790		10,000
Total liabilities	68,443		63,487
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; outstanding 8,300 and 8,328	67,476		67,306
Retained earnings	14,347		9,895
Accumulated other comprehensive income	3,277		1,743
Total stockholders’ equity	85,100		78,944
Total liabilities and stockholders’ equity	$       153,543		$ 142,431

 

MICROSOFT CORPORATION
CASH FLOW STATEMENTS
(In millions)(Unaudited)
	Three Months Ended December 31,				Six Months Ended December 31,
	2013		2012		2013		2012
Operations
Net income	$     6,558		$ 6,377		$   11,802		$10,843
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other	1,261		1,009		2,215		1,719
Stock-based compensation expense	591		603		1,226		1,206
Net recognized losses on investments and derivatives	47		22		140		33
Excess tax benefits from stock-based compensation	(20)		(9)		(225)		(186)
Deferred income taxes	(176)		140		228		178
Deferral of unearned revenue	9,845		10,737		17,281		18,946
Recognition of unearned revenue	(10,578)		(10,483)		(20,255)		(19,253)
Changes in operating assets and liabilities:
Accounts receivable	(4,875)		(4,488)		1,742		1,668
Inventories	1,029		(33)		362		(506)
Other current assets	(95)		150		(651)		(235)
Other long-term assets	(315)		(80)		(396)		(313)
Accounts payable	602		685		326		118
Other current liabilities	388		168		(867)		(1,119)
Other long-term liabilities	151		(18)		(310)		165
Net cash from operations	4,413		4,780		12,618		13,264
Financing
Short-term debt repayments, maturities less than 90 days, net	(712)		0		0		0
Proceeds from issuance of debt	8,262		2,232		8,850		2,232
Repayments of debt	(588)		0		(1,588)		0
Common stock issued	117		145		320		562
Common stock repurchased	(2,113)		(1,658)		(4,301)		(3,290)
Common stock cash dividends paid	(2,332)		(1,933)		(4,248)		(3,609)
Excess tax benefits from stock-based compensation	20		9		225		186
Other	(39)		(16)		(39)		(16)
Net cash from (used in) financing	2,615		(1,221)		(781)		(3,935)
Investing
Additions to property and equipment	(1,732)		(930)		(2,963)		(1,533)
Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(139)		(311)		(154)		(1,456)
Purchases of investments	(13,126)		(10,074)		(27,894)		(30,212)
Maturities of investments	1,451		1,989		1,798		3,248
Sales of investments	12,354		7,126		23,471		20,433
Securities lending payable	167		(393)		103		(792)
Net cash used in investing	(1,025)		(2,593)		(5,639)		(10,312)
Effect of exchange rates on cash and cash equivalents	33		15		57		62
Net change in cash and cash equivalents	6,036		981		6,255		(921)
Cash and cash equivalents, beginning of period	4,023		5,036		3,804		6,938
Cash and cash equivalents, end of period	$   10,059		$ 6,017		$   10,059		$ 6,017

 

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