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he does makebeing a mediocre one. However, has the impending changes in the
soon-to-be ratified (?!?!) collective bargaining agreement have Anderson
thinking of plans after football? Is he trying to ensure his style of life
remains the same, just in case he gets shown the door? Or is he simply updating
to a new model of luxury car by selling his current Aston Martin on eBay?,
as pointed out by, is of a 2007 Aston Martin Vantage, with a tagline that
reads ―VANTAGE! NAVIGATION! NFL QB’S CAR! BLUETOOTH! CLEAN!‖ It’s also worth
noting that Derek Anderson is not named as the ―NFL QB‖ in question, and it’s
not until an image of the nameplate is visible before the truth comes out:While
it’s not sure whether or not the company selling Anderson’s Aston Martin ——
wanted it to remain slightly anonymous or if the reveal intended. Whatever
the case, the cat is out of the bag, and considering the quarterback involved,
there’s no real way of knowing whether or not this is a fire sale or simply
a change of pace. Considering the listed price of $73,500, the idea of it
being a safety net can be entertained.There are no bids and/or offers on
Anderson’s car, currently. For what it’s worth, it’s a great looking
vehicle:,As far has his money-making potential goes, it’s probably a safe
bet that, despite not being the best at what he does, when the NFL once again
opens for business, Anderson will find a job on a team’s roster. The projected
league minimum salary in the future CBA is rumored to be around $500,000,
so even if he gets cut from his current team, chances are Anderson will
continue to make money off of football.Of course, he could be planning ahead,
knowing his days could be short and his ability to make Pro Bowl-level salaries
are behind him. A quick glance at his statistics in the lead image provides
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choose.,,Microsoft reported record fourth-quarter revenue for its Fiscal
Year Q4 at $17.37 billion for the quarter, up 8% from the same quarter last
year.―Throughout fiscal 2011, we delivered to market a strong lineup of
products and services which translated into double-digit revenue growth, and
operating margin expansion,‖ said Microsoft CFO Peter Klein. ―Our platform
and cloud investments position us for long-term growth.‖―A strong year of
double-digit increases in revenue and earnings is a real credit to all of
our Microsoft employees and partners around the world. We continue to see
strong business demand across all of our products, from small businesses all
the way up to the largest global enterprises,‖ said COO Kevin Turner. ―Our
move to cloud services continues with the release and momentum of Office 365
and growth in Windows Azure. We’re providing our customers seamless and
powerful ways to move to the cloud, and we are well positioned for the coming
year.‖Microsoft’s business division revenue grew 7% for the quarter and 16%
for the full year, but the Entertainment & Devices Division (Xbox, Kinect)
grew 30% for the quarter and 45% for the year, showing once again where the
real money lies for Microsoft.The Online Services Division, which includes
Bing, was up 17% for the fourth quarter and 15% for the year.Here’s the release
in its entirety:REDMOND, Wash. — Jul. 21, 2011 —Microsoft Corp. today
announced record fourth-quarter revenue of $17.37 billion for the quarter
ended June 30, 2011, an 8% increase from the same period of the prior year.
Operating income, net income, and diluted earnings per share for the quarter
were $6.17 billion, $5.87 billion, and $0.69 per share, which represented
increases of 4%, 30%, and 35%, respectively, when compared with the prior
year period.For the fiscal year ended June 30, 2011, Microsoft reported record
revenue of $69.94 billion, a 12% increase from the prior year. Operating
income, net income, and diluted earnings per share for the year were $27.16
billion, $23.15 billion, and $2.69, which represented increases of 13%, 23%,
and 28%, respectively, when compared with the prior year.―Throughout fiscal
2011, we delivered to market a strong lineup of products and services which
translated into double-digit revenue growth, and operating margin
expansion,‖ said Peter Klein, chief financial officer at Microsoft. ―Our
platform and cloud investments position us for long-term growth.‖Microsoft
Business Division revenue for the fourth quarter grew 7% and 16% for the full
year. Office 2010 continues to be the fastest-selling version of Microsoft
Office in history with over 100 million licenses sold. In June, Microsoft
released Office 365 with familiar Microsoft Office collaboration and
productivity tools delivered through the cloud.Server & Tools revenue
grew 12% for the fourth quarter, the fifth consecutive quarter of double-digit
growth, and grew 11% for the full year. Windows Server, System Center, and
SQL Server continued to drive revenue growth in the segment.Windows and
Windows Live Division revenue declined 1% for the fourth quarter and revenue
for the full year decreased 2%. Excluding the impact of the prior year Windows
7 launch and revenue deferral, we estimate full-year revenue growth was in
line with PC market growth of 2% to 4%. Windows 7 has sold over 400 million
licenses and business deployments continue to accelerate. During the quarter,
Microsoft unveiled a preview of the next version of Windows, codenamed Windows
8, featuring a new user interface and application experience.Online Services
Division revenue grew 17% for the fourth quarter and 15% for the full year,
primarily driven by increases in search revenue. Bing’s U.S. search share
increased 340 basis points year-over-year to 14.4% this quarter. Microsoft
also released new features that incorporate the Facebook social graph to help
users make better decisions based on their social connections.Entertainment
& Devices Division revenue grew 30% for the fourth quarter and 45% for
the full year, due to the ongoing momentum of the console, Kinect, and Xbox
Live. Xbox 360 has been the top-selling game console in the U.S. over the
past twelve months. At E3 in June, Microsoft highlighted its upcoming game
lineup, Xbox Live content partnerships, and enhanced content discovery using
Bing and Kinect.―A strong year of double-digit increases in revenue and
earnings is a real credit to all of our Microsoft employees and partners around
the world. We continue to see strong business demand across all of our
products, from small businesses all the way up to the largest global
enterprises,‖ said Kevin Turner, chief operating officer at Microsoft. ―Our
move to cloud services continues with the release and momentum of Office 365
and growth in Windows Azure. We’re providing our customers seamless and
powerful ways to move to the cloud, and we are well positioned for the coming
year.‖Business OutlookMicrosoft reaffirms fiscal 2012 operating expense
guidance of 3% to 5% growth from 2011, or $28.0 billion to $28.6
billion.Webcast DetailsPeter Klein, chief financial officer, Frank Brod,
chief accounting officer, and Bill Koefoed, general manager of Investor
Relations, will host a conference call and webcast at 2:30 p.m. PDT (5:30
p.m. EDT) today to discuss details of the company’s performance for the
quarter and certain forward-looking information. The session may be accessed
at. The webcast will be available for replay through the close of business
on Jul. 21, 2012.About MicrosoftFounded 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
StatementsStatements 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:,execution and competitive risks in transitioning to cloud-based
computing;,challenges to Microsoft’s business model;,intense competition in
all of Microsoft’s markets;,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;,actual or
perceived security vulnerabilities in Microsoft products that could reduce
revenue or lead to liability;,improper disclosure of personal data that could
result in liability and harm to Microsoft’s reputation;,outages and
disruptions of services provided to customers directly or through third
parties if Microsoft fails to maintain an adequate operations
infrastructure;,government litigation and regulation affecting 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;,significant business investments that may not
gain customer acceptance and produce offsetting increases in
revenue;,unfavorable changes in general economic conditions, disruption of
our partner networks or sales channels, or the availability of credit that
affect demand for Microsoft’s products and services or the value of our
investment portfolio;,adverse results in legal disputes;,unanticipated tax
liabilities;,quality or supply problems in Microsoft’s consumer hardware or
other vertically integrated hardware and software products;,impairment of
goodwill or amortizable intangible assets causing a charge to
earnings;,exposure to increased economic and regulatory uncertainties from
operating a global business;,geopolitical conditions, natural disaster,
cyberattack or other catastrophic events disrupting Microsoft’s business;
and,acquisitions, joint ventures and strategic alliances that adversely
affect the business.,For further information regarding 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 .All information in this release is as of July
21, 2011. 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,For more information, financial
analysts and investors only:Bill Koefoed, general manager, Investor
Relations, (425) 706-3703Note to editors: For more information, news and
perspectives from Microsoft, please visit the Microsoft News Center at . 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. PDT conference call with investors and analysts, is
available at .,MICROSOFT CORPORATIONINCOME STATEMENTS(In millions, except
per share amounts) (Unaudited),Three Months Ended June 30,Twelve Months Ended
June 30,2011201020112010Revenue,$ 17,367$16,039$ 69,943$62,484Operating
expenses:,Cost of revenue,3,7083,17015,57712,395Research and
development,2,3932,3509,0438,714Sales and
marketing,3,9163,60213,94013,214General and
administrative,1,1799874,2224,063Total operating
expenses,11,19610,10942,78238,386Operating
income,6,1715,93027,16124,098Other income,14894910915Income before income
taxes,6,3196,02428,07125,013Provision for income
taxes,4451,5064,9216,253Net
income,$     5,874$ 4,518$ 23,150$18,760,Earnings per
share:,Basic,$        0.70$     0.52$      2.73$    2.13Diluted,$       0.69
$    0.51$       2.69$      2.10Weighted average shares
outstanding:,Basic,8,4298,7128,4908,813Diluted,8,5218,8218,5938,927Cash
dividends declared per
common,share,$        0.16$     0.13$      0.64$    0.52MICROSOFT
CORPORATIONBALANCE SHEETS,(In millions) (Unaudited)June 302011June
302010,AssetsCurrent assets:Cash and cash
equivalents,$          9,610$      5,505,Short-term investments (including
securities loaned,of $1,181and $62),43,16231,283,Total cash, cash
equivalents, and short-term,investments,52,77236,788,Accounts receivable,
net of allowance for doubtful,accounts of $333and
$375,14,98713,014,Inventories,1,372740,Deferred income
taxes,2,4672,184,Other,3,3202,950,Total current
assets,74,91855,676,Property and equipment, net of accumulated
depreciation,of $9,829and $8,629,8,1627,630,Equity and other
investments,10,8657,754,Goodwill,12,58112,394,Intangible assets,
net,7441,158,Other long-term assets,1,4341,501,Total
assets,$     108,704$     86,113,Liabilities and stockholders’ equityCurrent
liabilities:Accounts payable,$           4,197$     4,025,Short-term
debt,01,000,Accrued compensation,3,5753,283,Income
taxes,5801,074,Short-term unearned revenue,15,72213,652,Securities lending
payable,1,208182,Other,3,4922,931,Total current
liabilities,28,77426,147,Long-term debt,11,9214,939,Long-term unearned
revenue,1,3981,178,Deferred income taxes,1,456229,Other long-term
liabilities,8,0727,445,Total liabilities,51,62139,938,Commitments and
contingenciesStockholders’ equity:Common stock and paid-in capital – shares
authorized,24,000; outstanding 8,376and 8,668,63,41562,856,Retained
deficit, including accumulated other,comprehensive income of $1,863and
$1,055,(6,332)(16,681),Total stockholders’ equity,57,08346,175,Total
liabilities and stockholders’ equity,$       108,704$    86,113,MICROSOFT
CORPORATIONCASH FLOW STATEMENTS(In millions) (Unaudited)Three Months Ended
June 30,Twelve Months Ended June 30,2011201020112010Operations,Net
income,$    5,874$ 4,518$ 23,150$18,760Adjustments to reconcile net
income,to net cash from operations:,Depreciation, amortization,
and,other,6897182,7662,673Stock-based
compensation,expense,5444822,1661,891Net recognized losses (gains)
on,investments and derivatives,15114(362)(208)Excess tax benefits
from,stock-based compensation,(3)(7)(17)(45)Deferred income
taxes,326(483)2(220)Deferral of unearned
revenue,11,8969,68231,22729,374Recognition of unearned
revenue,(7,746)(7,055)(28,935)(28,813)Changes in operating assets
and,liabilities:,Accounts
receivable,(4,886)(4,144)(1,451)(2,238)Inventories,(303)(260)(561)(44)Ot
her current assets,(772)374(1,259)464Other long-term
assets,(110)(80)62(223)Accounts payable,29375558844Other current
liabilities,28597(1,146)451Other long-term liabilities,973931,2941,407Net
cash from operations,5,9425,60426,99424,073Financing,Short-term debt
repaymentsmaturities of 90 days or less, net,0(545)(186)(991)Proceeds from
issuance of debtmaturities longer than 90 days,01,5756,9604,167Repayments
of debt, maturities,longer than 90 days,0(1,088)(814)(2,986)Common stock
issued,1809122,4222,311Common stock
repurchased,(1,256)(3,839)(11,555)(11,269)Common stock cash dividends
paid,(1,350)(1,130)(5,180)(4,578)Excess tax benefits from,stock-based
compensation,371745Other,010(40)10Net cash used in
financing,(2,423)(4,098)(8,376)(13,291)Investing,Additions to property and
equipment,(642)(758)(2,355)(1,977)Acquisition of companies, net of,cash
acquired,(2)0(71)(245)Purchases of
investments,(8,286)(4,174)(35,993)(30,168)Maturities of
investments,1,9051,0056,8977,453Sales of
investments,6,1122,42015,88015,125Securities lending
payable,(37)(2,612)1,026(1,502)Net cash used in
investing,(950)(4,119)(14,616)(11,314)Effect of exchange rates on cash,and
cash equivalents,20(37)103(39)Net change in cash and
cash,equivalents,2,589(2,650)4,105(571)Cash and cash equivalentsbeginning
of period,7,0218,1555,5056,076Cash and cash equivalents, end
of,period,$    9,610$ 5,505$      9,610$ 5,505MICROSOFT
CORPORATIONSegment Revenue and Operating Income (Loss)(In millions)
(Unaudited)Three Months Ended June 30,Twelve Months Ended June
30,2011201020112010Revenue,Windows & Windows Live
Division,$    4,740$ 4,781$ 19,024$19,494Server and
Tools,4,6434,14917,09615,378Online Services
Division,6625682,5282,201Microsoft Business
Division,5,7775,37522,18619,076Entertainment and Devices
Division,1,4851,1448,9136,168Unallocated and
other,6022196167Consolidated,$ 17,367$16,039$ 69,943$62,484,Operating
income (loss),Windows & Windows Live
Division,$    2,943$ 3,066$ 12,281$13,034Server and
Tools,1,7741,5606,6085,539Online Services
Division,(728)(688)(2,557)(2,337)Microsoft Business
Division,3,6183,21914,12411,504Entertainment and Devices
Division,32(172)1,324618Corporate-level
activity,(1,468)(1,055)(4,619)(4,260)Consolidated,$     6,171$ 5,930$ 2
7,161$24,098,MICROSOFT CORPORATIONFINANCIAL
HIGHLIGHTS(Unaudited)Summary,(In millions, except per share amounts and
percentages)Three Months Ended,June
30Percentage,Change,Twelve Months Ended,June
30Percentage,Change,2011,20102011,2010,Revenue$,17,367,$,16,039,8%,$,69,
943,$,62,484,12%Operating
income$,6,171,$,5,930,4%,$,27,161,$,24,098,13%Diluted earnings per
share$,0.69,$,0.51,35%,$,2.69,$,2.10,28%,Three months ended June 30, 2011
compared with three months ended June 30, 2010Revenue increased primarily
due to strong sales of Server and Tools products, the 2010 Microsoft Office
system, and the Xbox 360 entertainment platform. Changes in foreign currency
exchange rates had an insignificant impact on revenue.Operating income
increased reflecting an increase in revenue, offset in part by higher
operating expenses. Key changes in operating expenses were:•          Cost of
revenue increased $538 million or 17%, primarily due to higher costs
associated with our online offerings, including traffic acquisition
costs and royalty costs relating to Xbox LIVE digital content, higher
expenses from providing Enterprise Services, and increased volumes of Xbox
360 consoles sold.•       Sales and marketing expenses increased $314 million
or 9%, primarily as a result of higher headcount-related expenses and
increased fees paid to third party enterprise software
advisors.•      General and administrative expenses increased $192 million
or 19%, due primarily to new Puerto Rican excise taxes and higher
headcount-related expenses.Diluted earnings per share increased reflecting
higher revenue, lower income tax expense, and repurchases of common stock,
offset in part by higher operating expenses.Twelve months ended June 30, 2011
compared with twelve months ended June 30, 2010Revenue increased primarily
due to strong sales of the Xbox 360 entertainment platform, the 2010 Microsoft
Office system, and Server and Tools products, offset in part by lower Windows
revenue. Revenue also increased due to the fiscal year 2010 deferral of $254
million of revenue from earlier versions of the Microsoft Office system sold
with a guarantee to be upgraded to the newest version of the Microsoft Office
system at minimal or no cost (―Office Deferral‖) and the subsequent
recognition of the Office Deferral during fiscal year 2011. Changes in foreign
currency exchange rates had an insignificant impact on revenue.Operating
income increased reflecting the change in revenue, offset in part by higher
operating expenses. Key changes in operating expenses were:•          Cost of
revenue increased $3.2 billion or 26%, due to higher costs associated with
our online offerings, including traffic acquisition costs, and increased
volumes of Xbox 360 consoles and Kinect sensors sold.•          Sales and
marketing expenses increased $726 million or 5%, primarily reflecting
increased advertising and marketing of the Xbox 360 platform, Windows Phone,
and Windows and Windows Live, higher headcount-related expenses and increased
fees paid to third party enterprise software advisors.•          Research and
development expenses increased $329 million or 4%, due mainly to higher
headcount-related expenses.•       General and administrative expenses
increased $159 million or 4%, due mainly to higher headcount-related expenses
and new Puerto Rican excise taxes, partially offset by prior year transition
expenses associated with the inception of the Yahoo! Commercial
Agreement.Diluted earnings per share increased reflecting higher revenue,
repurchases of common stock, and lower income tax expense, offset in part
by higher operating expenses.SEGMENT PRODUCT REVENUE/OPERATING INCOME
(LOSS)The revenue and operating income (loss) amounts in this section are
presented on a basis consistent with accounting principles generally accepted
in the U.S. and include certain reconciling items attributable to each of
the segments. Certain corporate-level activity has been excluded from our
segment operating results and is presented separately. Prior period amounts
have been recast to conform to the way we internally managed and monitored
performance at the segment level during the current period, including moving
Microsoft’s PC hardware business from Entertainment and Devices Division to
Windows & Windows Live Division, Windows Embedded from Entertainment and
Devices Division to Server and Tools, and Office for Mac from Entertainment
and Devices Division to Microsoft Business Division, as well as implementing
intersegment cost allocations between all segments related to the
collaborative investment in mobile platform development.Windows &
Windows Live Division,(In millions, except
percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Revenue$,4,740,$,4,781,(1)%$,19,
024,$,19,494,(2)%Operating
income$,2,943,$,3,066,(4)%$,12,281,$,13,034,(6)%,Windows & Windows
Live Division (―Windows Division‖) develops and markets PC operating systems,
related software and online services, and PC hardware products. This
collection of software, hardware, and services is designed to simplify
everyday tasks through efficient browsing capabilities and seamless
operations across the user’s hardware and software. Windows Division
offerings consist of multiple editions of the Windows operating system,
software and services through Windows Live, and Microsoft PC hardware
products.Windows Division revenue is largely correlated to the PC market
worldwide, as approximately 75% of total Windows Division revenue comes from
Windows operating system software purchased by original equipment
manufacturers (―OEMs‖) which they pre-install on equipment they sell. The
remaining approximately 25% of Windows Division revenue (―other revenue‖)
is generated by commercial and retail sales of Windows and PC hardware
products and online advertising from Windows Live.Three months ended June
30, 2011 compared with three months ended June 30, 2010Windows Division
revenue reflected relative performance in PC market segments. We estimate
that sales of PCs to businesses grew approximately 8% this quarter and sales
of PCs to consumers declined approximately 2%. The decline in consumer PC
sales included an approximately 41% decline in the sales of netbooks. Taken
together, the total PC market increased an estimated 1% to 3%. Revenue was
negatively impacted by the effect of higher growth in emerging markets, where
average selling prices are lower, relative to developed markets, and by lower
recognition of previously deferred Windows XP revenue. This quarter, we
experienced increased attachment of Windows to PCs shipped, particularly in
emerging markets.Windows Division operating income decreased as a result of
decreased revenue and higher sales and marketing expenses. Sales and
marketing expenses increased $52 million or 7% reflecting increased
advertising of Windows and Windows Live.Twelve months ended June 30, 2011
compared with twelve months ended June 30, 2010Windows Division revenue
reflected relative performance in PC market segments. We estimate that sales
of PCs to businesses grew approximately 11% this year and sales of PCs to
consumers declined approximately 1%. The decline in consumer PC sales
included an approximately 32% decline in the sales of netbooks. Taken
together, the total PC market increased an estimated 2% to 4%. Revenue was
negatively impacted by the effect of higher growth in emerging markets, where
average selling prices are lower, relative to developed markets, and by lower
recognition of previously deferred Windows XP revenue. Considering the
impact of Windows 7 launch in the prior year, including $273 million of revenue
recognized related to the Windows 7 Deferral, we estimate that Windows
Division revenue was in line with the PC market.Windows Division operating
income decreased as a result of decreased revenue and higher sales and
marketing expenses. Sales and marketing expenses increased $224 million or
8% reflecting increased advertising of Windows and Windows Live.Server and
Tools,(In millions, except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Revenue$,4,643,$,4,149,12%$,17,0
96,$,15,378,11%Operating
income$,1,774,$,1,560,14%$,6,608,$,5,539,19%,Server and Tools develops and
markets technology and related services that enable information technology
professionals and their systems to be more productive and efficient. Server
and Tools product and service offerings include Windows Server, Microsoft
SQL Server, Windows Azure, Visual Studio, System Center products, Windows
Embedded device platforms, and Enterprise Services. Enterprise Services
comprise Premier product support services and Microsoft Consulting Services.
We also offer developer tools, training and certification. Approximately 50%
of Server and Tools revenue comes primarily from multi-year volume licensing
agreements, approximately 30% is purchased through transactional volume
licensing programs, retail packaged product and licenses sold to OEMs, and
the remainder comes from Enterprise Services.Three months ended June 30, 2011
compared with three months ended June 30, 2010Server and Tools revenue
increased reflecting growth in both product sales and Enterprise Services.
Product revenue increased $382 million or 11%, driven primarily by growth
in Windows Server, SQL Server, and Enterprise Client Access License (―CAL‖)
Suites, reflecting continued adoption of Windows platform applications.
Enterprise Services revenue grew $112 million or 14%, due to growth in both
Premier product support and consulting services.Server and Tools operating
income increased due to revenue growth, offset in part by higher operating
expenses. Sales and marketing expenses increased $149 million or 13%
reflecting increased corporate marketing activities and fees paid to third
party enterprise software advisors. Cost of revenue increased $133 million
or 18%, primarily reflecting a $114 million increase in expenses from
providing Enterprise Services.Twelve months ended June 30, 2011 compared with
twelve months ended June 30, 2010Server and Tools revenue increased
reflecting growth in both product sales and Enterprise Services. Product
revenue increased $1.4 billion or 11%, driven primarily by growth in Windows
Server, SQL Server, Enterprise CAL Suites, and Windows Embedded, reflecting
continued adoption of Windows platform applications. Enterprise Services
revenue grew $337 million or 11%, due to growth in both Premier product support
and consulting services.Server and Tools operating income increased due to
revenue growth, offset in part by higher operating expenses. Cost of revenue
increased $366 million or 13%, primarily reflecting a $323 million increase
in expenses from providing Enterprise Services. Sales and marketing expenses
increased $264 million or 6% reflecting increased fees paid to third party
enterprise software advisors and increased corporate marketing
activities.Online Services Division,(In millions, except
percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Revenue$,662,$,568,17%$,2,528,$,
2,201,15%Operating
loss$,(728,)$,(688,)(6)%$,(2,557,)$,(2,337,)(9)%,Online Services Division
(―OSD‖) develops and markets information and content designed to help people
simplify tasks and make more informed decisions online, and that help
advertisers connect with audiences. OSD offerings include Bing, MSN,
adCenter, and advertiser tools. Bing and MSN generate revenue through the
sale of search and display advertising. Search and display advertising
generally accounts for over 85% of OSD’s annual revenue.Three months ended
June 30, 2011 compared with three months ended June 30, 2010OSD revenue
increased primarily as a result of growth in online advertising revenue.
Online advertising revenue grew $100 million or 20% to $597 million,
reflecting continued growth in search and display advertising revenue, offset
in part by decreased third party advertising revenue. Search revenue grew
due to increased volumes reflecting general market growth, relative share
gains in the U.S, and our Yahoo! alliance, offset in part by decreased revenue
per search primarily related to challenges associated with optimizing the
adCenter platform for the new mix and volume of traffic from the combined
Yahoo! and Bing properties. As of June 30, 2011, according to third-party
sources, Bing organic U.S. market share grew over 31% to approximately 14%,
while Bing-powered U.S. market share, including Yahoo! properties, was
approximately 27%.OSD operating loss increased due to higher cost of revenue,
offset in part by increased revenue. Cost of revenue grew $165 million, driven
by costs associated with the Yahoo! search agreement and increased traffic
acquisition costs.Twelve months ended June 30, 2011 compared with twelve
months ended June 30, 2010OSD revenue increased primarily as a result of
growth in online advertising revenue. Online advertising revenue grew $358
million or 19% to $2.3 billion, reflecting continued growth in search and
display advertising revenue, offset in part by decreased third party
advertising revenue. Search revenue grew due to increased volumes reflecting
general market growth, relative share gains in the U.S., and our Yahoo!
alliance, offset in part by decreased revenue per search primarily related
to challenges associated with optimizing the adCenter platform for the new
mix and volume of traffic from the combined Yahoo! and Bing properties. As
of June 30, 2011, according to third-party sources, Bing organic U.S. market
share grew over 31% to approximately 14%, while Bing-powered U.S. market
share, including Yahoo! properties, was approximately 27%.OSD operating loss
increased due to higher operating expenses, offset in part by increased
revenue. Cost of revenue grew $641 million driven by costs associated with
the Yahoo! search agreement and increased traffic acquisition costs. General
and administrative expenses decreased $157 million or 60% due mainly to
transition expenses in the prior year associated with the inception of the
Yahoo! Commercial Agreement. Research and development increased $117 million
or 11% due to increased headcount-related costs.Microsoft Business
Division,(In millions, except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Revenue$,5,777,$,5,375,7%$,22,18
6,$,19,076,16%Operating
income$,3,618,$,3,219,12%$,14,124,$,11,504,23%,Microsoft Business
Division (―MBD‖) develops and markets software and services designed to
increase personal, team, and organization productivity. MBD offerings
include the Microsoft Office system (comprising mainly Office, SharePoint,
Exchange and Lync), which generates over 90% of MBD revenue, and Microsoft
Dynamics business solutions. We evaluate MBD results based upon the nature
of the end user in two primary parts: business revenue, which includes
Microsoft Office system revenue generated through volume licensing
agreements and Microsoft Dynamics revenue; and consumer revenue, which
includes revenue from retail packaged product sales and OEM revenue.Three
months ended June 30, 2011 compared with three months ended June 30, 2010MBD
revenue increased reflecting sales of the 2010 Microsoft Office system, which
was released primarily during the fourth quarter of fiscal year 2010. Consumer
revenue decreased $93 million or 8%, primarily driven by a decline in consumer
PC sales in developed markets. Business revenue increased $494 million or
12%, primarily reflecting licensing of the 2010 Microsoft Office system to
transactional business customers, growth in multi-year volume licensing
revenue, and a 19% increase in Microsoft Dynamics revenue.MBD operating
income increased due mainly to revenue growth as well as decreased sales and
marketing expenses, offset in part by higher cost of revenue. Sales and
marketing expenses decreased $74 million or 6%, due mainly to decreased
advertising and marketing activities. Cost of revenue increased $83 million
or 22%, primarily driven by higher online costs and services.Twelve months
ended June 30, 2011 compared with twelve months ended June 30, 2010MBD revenue
increased primarily reflecting sales of the 2010 Microsoft Office system,
the $254 million Office Deferral during fiscal year 2010, and the subsequent
recognition of the Office Deferral during fiscal year 2011. Business revenue
increased $2.0 billion or 13%, reflecting licensing of the 2010 Microsoft
Office system to transactional business customers, growth in multi-year
volume licensing revenue, and a 10% increase in Microsoft Dynamics revenue.
Consumer revenue increased $1.1 billion or 33%, approximately half of which
was attributable to the launch of Office 2010 and half of which was
attributable to the Office Deferral during fiscal year 2010 and subsequent
recognition of the Office Deferral during fiscal year 2011. Excluding the
impact associated with the Office Deferral, consumer revenue increased $620
million or 17% due to sales of the 2010 Microsoft Office system.MBD operating
income increased due mainly to revenue growth, offset in part by higher
operating expenses. Cost of revenue increased $335 million or 26%, primarily
driven by higher online costs and services. Sales and marketing expenses
increased $97 million or 2%, primarily driven by an increase in corporate
and cross-platform marketing activities. Research and development costs
increased $79 million or 4%, primarily as a result of capitalization of
certain Microsoft Office system software development costs in the prior
year.Entertainment and Devices Division,(In millions, except
percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Revenue$,1,485,$,1,144,30%$,8,91
3,$,6,168,45%Operating income
(loss)$,32,$,(172,)*$,1,324,$,618,114%,*           Not
meaningfulEntertainment and Devices Division (―EDD‖) develops and markets
products and services designed to entertain and connect people. EDD offerings
include the Xbox 360 entertainment platform (which includes the Xbox 360
gaming and entertainment console, Kinect for Xbox 360, Xbox 360 video games,
Xbox LIVE, and Xbox 360 accessories), Mediaroom (our Internet protocol
television software), and Windows Phone. In November 2010, we released Kinect
for Xbox 360 and the latest version of Windows Phone.Three months ended June
30, 2011 compared with three months ended June 30, 2010EDD revenue increased
primarily reflecting higher Xbox 360 platform revenue. Xbox 360 platform
revenue grew $293 million or 29%, led by higher Xbox LIVE revenue and increased
volumes of Xbox 360 consoles sold. We shipped 1.7 million Xbox 360 consoles
during the fourth quarter of fiscal year 2011, compared with 1.5 million Xbox
360 consoles during the fourth quarter of fiscal year 2010.EDD operating
income increased primarily reflecting revenue growth, offset in part by
higher cost of revenue. Cost of revenue increased $118 million or 15%
primarily reflecting higher volumes of Xbox 360 consoles, and increased
royalty costs resulting from increased sales of Xbox LIVE digital
content.Twelve months ended June 30, 2011 compared with twelve months ended
June 30, 2010EDD revenue increased primarily reflecting higher Xbox 360
platform revenue. Xbox 360 platform revenue grew $2.7 billion or 48%, led
by increased volumes of Xbox 360 consoles, sales of Kinect sensors, and higher
Xbox LIVE revenue. We shipped 13.7 million Xbox 360 consoles during fiscal
year 2011, compared with 10.3 million Xbox 360 consoles during fiscal year
2010.EDD operating income increased primarily reflecting revenue growth,
offset in part by higher cost of revenue. Cost of revenue increased $1.8
billion or 49% primarily reflecting higher volumes of Xbox 360 consoles and
Kinect sensors sold, and increased royalty costs resulting from increased
sales of Xbox LIVE digital content. Research and development expenses
increased $119 million or 12%, primarily reflecting higher headcount-related
costs. Sales and marketing expenses grew $90 million or 12% primarily
reflecting increased Xbox 360 platform marketing activities.Corporate-Level
Activity,(In millions, except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Corporate-level
activity$,(1,468,)$,(1,055,)(39)%$,(4,619,)$,(4,260,)(8)%,Certain
corporate-level activity is not allocated to our segments, including costs
of: broad-based sales and marketing; product support services; human
resources; legal; finance; information technology; corporate development and
procurement activities; research and development; and legal settlements and
contingencies.Three months ended June 30, 2011 compared with three months
ended June 30, 2010Corporate-level expenses increased due mainly to new
Puerto Rican excise taxes, certain revenue related sales and marketing
expenses, and increased headcount-related expenses.Twelve months ended June
30, 2011 compared with twelve months ended June 30, 2010Corporate-level
expenses increased due mainly to new Puerto Rican excise taxes, certain
revenue related sales and marketing expenses, and increased
headcount-related expenses. These increases were offset in part by lower
legal charges, which were $332 million in fiscal year 2011 compared to $533
million in fiscal year 2010.OPERATING EXPENSESCost of Revenue,(In millions,
except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Cost of
revenue$,3,708,$,3,170,17%$,15,577,$,12,395,26%As a percent of
revenue,21,%,20,%1ppt,22,%,20,%2ppt,Cost of revenue includes:
manufacturing and distribution costs for products sold and programs licensed;
operating costs related to product support service centers and product
distribution centers; costs incurred to include software on PCs sold by OEMs,
to drive traffic to our Web sites, and to acquire online advertising space
(―traffic acquisition costs‖); costs incurred to support and maintain
Internet-based products and services, including royalties; warranty costs;
inventory valuation adjustments; costs associated with the delivery of
consulting services; and the amortization of capitalized research and
development costs.Three months ended June 30, 2011 compared with three months
ended June 30, 2010Cost of revenue increased primarily due to higher costs
associated with our online offerings, including traffic acquisition costs,
and higher expenses from providing Enterprise Services, as well as increased
volumes of Xbox 360 consoles sold and royalty costs relating to Xbox LIVE
digital content sold.Twelve months ended June 30, 2011 compared with twelve
months ended June 30, 2010Cost of revenue increased primarily due to increased
volumes of Xbox 360 consoles and Kinect sensors sold, higher costs associated
with our online offerings, including traffic acquisition costs, and higher
expenses from providing Enterprise Services, as well as royalty costs
relating to Xbox LIVE digital content sold.Research and Development,(In
millions, except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Research and
development$,2,393,$,2,350,2%$,9,043,$,8,714,4%As a percent of
revenue,14,%,15,%(1)ppt,13,%,14,%(1)ppt,Research and development expenses
include payroll, employee benefits, stock-based compensation expense, and
other headcount-related expenses associated with product development.
Research and development expenses also include third-party development and
programming costs, localization costs incurred to translate software for
international markets, and the amortization of purchased software code and
services content.Three months ended June 30, 2011 compared with three months
ended June 30, 2010Research and development expenses increased primarily due
to an 8% increase in headcount-related expenses and the capitalization of
certain software development costs in the prior year.Twelve months ended June
30, 2011 compared with twelve months ended June 30, 2010Research and
development expenses increased primarily due to a 5% increase in
headcount-related expenses and the capitalization of certain software
development costs in the prior year.Sales and Marketing,(In millions, except
percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Sales and
marketing$,3,916,$,3,602,9%$,13,940,$,13,214,5%As a percent of
revenue,23,%,22,%1ppt,20,%,21,%(1)ppt,Sales and marketing expenses include
payroll, employee benefits, stock-based compensation expense, and other
headcount-related expenses associated with sales and marketing personnel and
the costs of advertising, promotions, trade shows, seminars, and other
programs.Three months ended June 30, 2011 compared with three months ended
June 30, 2010Sales and marketing expenses increased primarily as a result
of a 12% increase in headcount-related expenses and increased fees paid to
third party enterprise software advisors.Twelve months ended June 30, 2011
compared with twelve months ended June 30, 2010Sales and marketing expenses
increased primarily as a result of increased advertising and marketing of
the Xbox 360 platform, Windows Phone, and Windows and Windows Live, a 5%
increase in headcount-related expenses, and increased fees paid to third
party enterprise software advisors.General and Administrative,(In millions,
except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,General and
administrative$,1,179,$,987,19%$,4,222,$,4,063,4%As a percent of
revenue,7,%,6,%1ppt,6,%,7,%(1)ppt,General and administrative expenses
include payroll, employee benefits, stock-based compensation expense,
severance expense, and other headcount-related expenses associated with
finance, legal, facilities, certain human resources and other administrative
personnel, certain taxes, and legal and other administrative fees.Three
months ended June 30, 2011 compared with three months ended June 30,
2010General and administrative expenses increased primarily due to new Puerto
Rican excise taxes and a 17% increase in headcount-related expenses.Twelve
months ended June 30, 2011 compared with twelve months ended June 30,
2010General and administrative expenses increased primarily due to a 12%
increase in headcount-related expenses and new Puerto Rican excise taxes,
partially offset by prior year transition expenses associated with the
inception of the Yahoo! Commercial Agreement.OTHER INCOME (EXPENSE) AND
INCOME TAXESOther Income (Expense)The components of other income (expense)
were as follows:,(In millions, except percentages)Three Months Ended,June
30Percentage,ChangeTwelve Months Ended,June
30Percentage,Change,2011,2010,2011,2010,Dividends and interest
income$,269,$,239,13 %$,900,$,843,7 %Interest
expense,(94,),(37,)(154)%,(295,),(151,)(95)%Net recognized gains on
investments,10049,104%,439348,26%Net losses on
derivatives,(115,),(163,)29%,(77,),(140,)45%Net gains (losses) on foreign
currency,remeasurements,(12,),25,*,(26,),1,*Other,0(19,)*,(31,),14,*,Tot
al$,148,$,94,57%$,910,$,915,(1)%,* Not meaningfulThree months ended June
30, 2011 compared with three months ended June 30, 2010Dividends and interest
income increased due to higher average portfolio investment balances, offset
in part by lower yields on our fixed income investments. Interest expense
increased due to our increased issuance of debt. Net recognized gains on
investments increased due primarily to higher gains on sales of fixed-income
and equity securities. Derivative losses decreased due primarily to lower
losses on currency contracts used to hedge foreign currency revenues and
interest-rate and equity derivatives, offset in part by higher losses on
commodity derivatives.Twelve months ended June 30, 2011 compared with twelve
months ended June 30, 2010Dividends and interest income increased due to
higher average portfolio investment balances, offset in part by lower yields
on our fixed income investments. Interest expense increased due to our
increased issuance of debt. Net recognized gains on investments increased
due primarily to higher gains on sales of equity securities, offset in part
by fewer gains on sales of fixed-income securities. Derivative losses
decreased due primarily to higher gains on commodity derivatives offset in
part by higher losses on currency contracts used to hedge foreign currency
revenue.Income TaxesThree months ended June 30, 2011 compared with three
months ended June 30, 2010Our effective tax rates for the fourth quarters
of fiscal years 2011 and 2010 were approximately 7% and 25%, respectively.
Our effective tax rate was lower than the U.S. federal statutory rate
primarily due to a higher mix of earnings taxed at lower rates in foreign
jurisdictions resulting from producing and distributing our products and
services through our foreign regional operations centers in Ireland,
Singapore and Puerto Rico, which are subject to lower income tax rates.Our
effective tax rate was lower than in the prior year due mainly to the
adjustment of our previously estimated effective tax rate for the year to
reflect the actual full year mix of foreign and U.S. taxable income. In
addition, upon completion of our annual domestic and foreign tax returns,
we adjusted the estimated tax provision to reflect the tax returns filed and
recorded an income tax benefit which lowered our effective tax rate.Twelve
months ended June 30, 2011 compared with twelve months ended June 30, 2010Our
effective tax rates for fiscal years 2011 and 2010 were approximately 18%
and 25%, respectively. Our effective tax rate was lower than the U.S. federal
statutory rate and our prior year effective rate primarily due to a higher
mix of earnings taxed at lower rates in foreign jurisdictions resulting from
producing and distributing our products and services through our foreign
regional operations centers in Ireland, Singapore, and Puerto Rico, which
are subject to lower income tax rates. In fiscal years 2011 and 2010, our
U.S. income before income taxes was $8.9 billion and $9.6 billion,
respectively, and comprised 32% and 38%, respectively, of our income before
income taxes. In fiscal years 2011 and 2010, the foreign income before income
taxes was $19.2 billion and $15.4 billion, respectively, and comprised 68%
and 62%, respectively, of our income before income taxes. In fiscal years
2011 and 2010, the reduction of the U.S. federal statutory rate as a result
of foreign earnings taxed at lower rates was 16% and 12%, respectively.In
addition, our effective tax rate was lower than in the prior year due to a
partial settlement with the I.R.S. in the third quarter of fiscal year 2011
relating to the audit of tax years 2004 to 2006. This partial settlement
reduced our income tax expense for fiscal year 2011 by $461 million.UNEARNED
REVENUEUnearned revenue at June 30, 2011 comprised mainly unearned revenue
from volume licensing programs. Unearned revenue from volume licensing
programs represents customer billings for multi-year licensing arrangements
paid for either at inception of the agreement or annually at the beginning
of each billing coverage period and accounted for as subscriptions with
revenue recognized ratably over the billing coverage period. Unearned revenue
at June 30, 2011 also included payments for: post-delivery support and
consulting services to be performed in the future; Xbox LIVE subscriptions
and prepaid points; Microsoft Dynamics business solutions products; OEM
minimum commitments; unspecified upgrades/enhancements of Windows Phone and
Microsoft Internet Explorer on a when-and-if-available basis for Windows XP;
and other offerings for which we have been paid in advance and earn the revenue
when we provide the service or software, or otherwise meet the revenue
recognition criteria.The following table outlines the expected future
recognition of unearned revenue as of June 30, 2011:,(In millions),Three
Months Ending,September 30, 2011$,5,979,December 31, 2011,4,914,March 31,
2012,3,207,June 30, 2012,1,622,Thereafter,1,398Total$,17,120CASH
FLOWSThree months ended June 30, 2011 compared with three months ended June
30, 2010Fourth quarter cash flows from operations increased $338 million over
the prior year to $5.9 billion due mainly to increased revenue and cash
collections from customers, offset in part by other changes in working
capital. Cash used in financing decreased $1.7 billion to $2.4 billion due
mainly to a $2.6 billion decrease in common stock repurchases, offset in part
by reduced proceeds from issuances of common stock of $732 million. Cash used
in investing decreased $3.2 billion to $1.0 billion due mainly to a $2.6
billion increase in cash from securities lending.Twelve months ended June
30, 2011 compared with twelve months ended June 30, 2010Cash flows from
operations increased $2.9 billion during the current fiscal year to $27.0
billion due mainly to increased revenue and cash collections from customers.
Cash used in financing decreased $4.9 billion to $8.4 billion due mainly to
a $5.8 billion increase in proceeds from issuances of debt, net of repayments,
offset in part by a $602 million increase in cash paid for dividends. Cash
used in investing increased $3.3 billion to $14.6 billion due to a $5.8 billion
increase in purchases of investments, offset in part by a $2.5 billion
increase in cash from securities lending.,,The Google Doodles are a great
deal more prolific than they used to be. What used to be an occasional thing
is now frequent. To wit, today’s Alexander Calder doodle marks the second
Google logo alteration this week. Granted, the Calder doodle is a little
different than Gregor Mendel’s; Calder’s is interactive, but it just goes
to show the frequency Google is introducing these things.As indicated, the
Calder logo is different from the Mendel doodle due to the fact it’s an
interactive doodle that has to be hovered over before you can access the
related search results. Normally, you simply have to click on whatever
celebratory logo Google is using, and you are directed to search results
related to the subject of the doodle. With the Calder logo — which simulates
a mobile — the logo must be hovered over with the mouse, bringing up the
following clickable link:Once clicked, users are taken to the. The reason
the current doodle appears to be a mobile sculpture is because Calder is
credited with inventing them. Areveals more:Alexander Calder (July 22, 1898
– November 11, 1976) was an American sculptor and artist most famous for
inventing mobile sculptures. In addition to mobile and stable sculpture,
Alexander Calder also created paintings, lithographs, toys, tapestry,
jewelry and household objects.,With that, I’ve learned something today.
Concerning the inspiration for the doodle, there’s a post by Jered Wierzbicki
at the Google Blog whichCalder was chosen:Last year I wandered into a white
room at Museum of Contemporary Art, Chicago full of Alexander Calder’s
delicate ―objects,‖ all beautifully balanced and proportioned, moving gently
in the air currents like a whimsical metal forest. Calder took ordinary
materials at hand—wire, scraps of sheet metal—and made them into brilliant
forms, letting space and motion do the rest. As an engineer, I work with
abstractions, too, so this really struck me.But you kind of want to play with
the things. They do not let you do that at museums.So I coded up a very basic
demo of a mobile and showed it to a friend, who showed it to one of our
doodlers—and then this amazing thing happened: talented artists and engineers
who liked the idea just started to help! What we ended up with is way cooler
than anything I could have built on my own.,Wierzbicki goes on to say that
the latest doodle was built using an ―HTML 5 canvas,‖ and because of that,
you’ll need a modern browser to use it (updated versions of Google Chrome,
Firefox and/or the latest version of Internet Explorer).Incidentally, this
isn’t the first time a Calder doodle has been attempted. According to, Google
tried to do one last year, but it apparently didn’t work as planned, and so
they scrapped it later that day. There doesn’t seem to be any issue now,
although, it’s not the most intuitive logo Google’s ever featured.
Nevertheless, once you realize the process to activate, it works as
advertised. Schwartz also made a YouTube video of the logo in action, just
in case you can’t figure out how to activate it:,With that in mind, the Calder
doodle is a good attempt at something a little different and while the
interactivity isn’t on the level as, it’s still pretty neat. What do you think?
Are you a fan of the latest Google Doodle? Let us know.,113, Xbox 360 video
games, stock-based compensation expense. Google tried to do one last
year.269)Common stock cash dividends paid, including traffic acquisition
costs, except percentages)Three Months Ended. offset in part by higher
operating expenses, Unearned revenue from volume licensing programs
represents customer billings for multi-year licensing arrangements paid for
either at inception of the agreement or annually at the beginning of each
billing coverage period and accounted for as subscriptions with revenue
recognized ratably over the billing coverage period, Actual results could
differ materially because of factors such as:, offset in part by lower yields
on our fixed income investments,(77,0(1,OTHER INCOME (EXPENSE) AND INCOME
TAXESOther Income (Expense)The components of other income (expense) were as
follows:,64$     0,Three months ended June 30, certain revenue related sales
and marketing expenses. and consumer revenue,13Diluted, Cost of revenue
increased $366 million or 13%,Sales and marketing$. stock-based compensation
expense, and we are well positioned for the coming year,652, except
percentages)Three Months Ended.

2011, 2010Research and development expenses increased primarily due to a 5%
increase in headcount-related expenses and the capitalization of certain
software development costs in the prior year,14%$,Property and
equipment,Long-term unearned revenue.453Sales of investments,13%Diluted
earnings per share$,of $9.Server and Tools operating income increased due
to revenue growth,execution and competitive risks in transitioning to
cloud-based computing,201, 2012,12411, employee benefits,1448. disruption
of our partner networks or sales channels,Considering that I myself took a
seem at them previously very last year,(688, The session may be accessed
at,March 31,Here’s the release in its entirety:REDMOND,In addition,
telephone numbers and titles were correct at time of
publication,673Stock-based compensation. SharePoint,2011. we have usually
saw he was wearing Supra footwear.5938, Microsoft released Office 365 with
familiar Microsoft Office collaboration and productivity tools delivered
through the cloud, Kinect for Xbox 360.337)Microsoft Business Division,2011.
it’s probably a safe bet that, Microsoft highlighted its upcoming game
lineup.Additions to property and equipment, Interest expense increased due
to our increased issuance of debt, reflecting continued adoption of Windows
platform applications, Windows Live Division.518$ 23, Chicago full of
Alexander Calder’s delicate ―objects,(In millions.839)(11, showing once
again where the real money lies for Microsoft. and increased volumes of Xbox
360 consoles sold,As far has his money-making potential goes, Devices
Division revenue grew 30% for the fourth quarter and 45% for the full year,
toys. except per share amounts) (Unaudited),acquisitions, but the
Entertainment &amp,(728.

ChangeTwelve Months Ended. and pick a pair of Supra Society shoes to mach
them, General and administrative expenses decreased $157 million or 60% due
mainly to transition expenses in the prior year associated with the inception
of the Yahoo, offset in part by fewer gains on sales of fixed-income
securities,Supra TK Society - X Games 15Terry Kennedy's Supra signature shoes
came out, 2010Dividends and interest income increased due to higher average
portfolio investment balances, and within just a week I had just what I
anticipated,2011,774.256)(3.delays in product development and related
product release schedules,17%$,(37)(2.6 billion,2011,076Entertainment and
Devices Division, A quick glance at his statistics in the lead image provides
a clue as to why that is,622,Supra Skytop II -- GradientWell-known guitar
player Pete Wentz hosted a large New Year's party within the Mirage hotel
of the top nightclubs JET. 2011 also included payments for: post-delivery
support and consulting services to be performed in the future,2011,18619,
Changes in foreign currency exchange rates had an insignificant impact on
revenue.22729.Earnings per share:, I’ve learned something today, employee
benefits,500.2011, Mediaroom (our Internet protocol television software).
We’re providing our customers seamless and powerful ways to move to the cloud.
and, is of a 2007 Aston Martin Vantage, Cost of revenue increased $335 million
or 26%.484Operating expenses:, Let us know.977)Acquisition of companies, so
even if he gets cut from his current team, including accumulated other, and
to acquire online advertising space (―traffic acquisition costs‖). Cost of
revenue increased $83 million or 22%, we estimate full-year revenue growth
was in line with PC market growth of 2% to 4%, offset in part by higher cost
of revenue,%1ppt.(728)(688)(2,(6)%. the total PC market increased an
estimated 2% to 4%, except percentages)Three Months Ended.4%As a percent of
revenue, tapestry,4 billion or 11%, Research and development increased $117
million or 11% due to increased headcount-related costs.

 2011 compared with three months ended June 30, In any case. As is identified
to everyone, cyberattack or other catastrophic events disrupting Microsoft’s
business,Change,150$18,168. search agreement and increased traffic
acquisition costs, there’s a post by Jered Wierzbicki at the Google Blog
whichCalder was chosen:Last year I wandered into a white room at Museum of
Contemporary Art.52MICROSOFT CORPORATIONBALANCE SHEETS,60213, related
software and online services,066$ 12. Windows Live Division, respectively,
Consumer revenue decreased $93 million or 8%, 2010Windows Division revenue
reflected relative performance in PC market segments,intense competition in
all of Microsoft’s markets, offset in part by decreased third party
advertising revenue.074. Search revenue grew due to increased volumes
reflecting general market growth, and short-term, net
income,Goodwill,)45%Net gains (losses) on foreign currency, MSN, I strongly
propose the supra skytop for you as they truly should have the cash for the
exceptional and special style which fit your mind pretty a lot,931,4908.

629,Corporate-level activity$.$      6.Forward-Looking StatementsStatements
in this release that are ―forward-looking statements‖ are based on current
expectations and assumptions that are subject to risks and uncertainties.15
billion,Windows &amp,913,‖Microsoft’s business division revenue grew 7% for
the quarter and 16% for the full year, One of the most attractive features
of this pair of shoes would be the vamp created by the old grinding old black
leather and the ornament of golden leather,)29%, Nevertheless. but it's
undeniable-TK's acquired what we phone expertise,Of course.
outstanding 8.Revenue$,improper disclosure of personal data that could
result in liability and harm to Microsoft’s reputation.Deferred income
taxes,144)(1. was approximately 27%, Visual Studio, of our income before
income taxes,618, and Microsoft Dynamics business solutions, press
only:Rapid Response Team,Three months ended June 30, so this really struck
me,With that,2011, when compared with the prior year period, Windows Division
offerings consist of multiple editions of the Windows operating system,Three
Months Ended June 30, federal statutory rate primarily due to a higher mix
of earnings taxed at lower rates in foreign jurisdictions resulting from
producing and distributing our products and services through our foreign
regional operations centers in Ireland, 2012,Three months ended June 30,
offset in part by decreased third party advertising revenue,$     5,Operating
income (loss).

supra for kids
16 billion, At the party , the Calder doodle is a good attempt at something
a little different and while the interactivity isn’t on the level
as,(110)(80)62(223)Accounts payable, (503) 443-7070. 2011 compared with
twelve months ended June 30. 2011 compared with three months ended June
30,214General and administrative,investments and derivatives, chief
accounting officer,367$16,Twelve Months Ended June 30.16$       0, of our
income before income taxes, offset in part by increased revenue,0(19, Supra
sneakers are in my viewpoint world class items of footwear.337,5801, growth
in multi-year volume licensing revenue, 2010Corporate-level expenses
increased due mainly to new Puerto Rican excise taxes, 2011 comprised mainly
unearned revenue from volume licensing programs,2 billion to $1.12%$.

395. 2011 compared with three months ended June 30, primarily driven by higher
online costs and services,Net income, approximately half of which was
attributable to the launch of Office 2010 and half of which was attributable
to the Office Deferral during fiscal year 2010 and subsequent recognition
of the Office Deferral during fiscal year 2011,3509.2011, certain revenue
related sales and marketing expenses, led by increased volumes of Xbox 360
consoles,99424, Enterprise Services comprise Premier product support
services and Microsoft Consulting Services, legal.Accrued compensation, We
estimate that sales of PCs to businesses grew approximately 11% this year
and sales of PCs to consumers declined approximately 1%, This collection of
software.125Securities lending payable.•        Sales and marketing expenses
increased $314 million or 9%, training and certification.7%$, as pointed out
by,010(40)10Net cash used in financing.616)(11.0 billion to $28, Go and
purchase for no cost shipping and no sale tax now,8 billion increase in
purchases of investments, Online advertising revenue grew $358 million or
19% to $2. net.

 properties,5282. he does makebeing a mediocre one, offset in part by other
changes in working capital,73$       2. Business revenue increased $2,Total
assets, particularly in emerging markets, and the Xbox 360 entertainment
platform. due to the ongoing momentum of the console, except
percentages)Three Months Ended,Twelve months ended June 30, In June, We’re
providing our customers seamless and powerful ways to move to the cloud. which
includes Microsoft Office system revenue generated through volume licensing
agreements and Microsoft Dynamics revenue, in the third quarter of fiscal
year 2011 relating to the audit of tax years 2004 to 2006,Revenue$, 2010Fourth
quarter cash flows from operations increased $338 million over the prior year
to $5, letting space and motion do the rest, you simply have to click on
whatever celebratory logo Google is using, 2011 compared with twelve months
ended June 30, BLUETOOTH, and other headcount-related expenses associated
with sales and marketing personnel and the costs of advertising. This pair
of shoes is supra brand and it is not a straightforward
shoes,$     5,7083,Certain corporate-level activity is not allocated to our
segments, you search sophisticated, facilities,Supra--- stars'
favoriteSupra footwear is really popular in several individuals as well as
among stars, and services is designed to simplify everyday tasks through
efficient browsing capabilities and seamless operations across the user’s
hardware and software,7662,Why don't you to wear a pair of supra shoes to
show to individuals, the Calder logo is different from the Mendel doodle due
to the fact it’s an interactive doodle that has to be hovered over before
you can access the related search results,$          9,910,MBD operating
income increased due mainly to revenue growth,376)(13.

Skytop was the first sequence of Mens Supra Sneakers which was designed
pleasurable of with the publishment of this new shoes,034.(In millions,Three
months ended June 30. has the impending changes in the soon-to-be ratified
(, which represented increases of 13%. growth in multi-year volume licensing
revenue, which includes revenue from retail packaged product sales and OEM
revenue,(1)%$.939, The webcast will be available for replay through the close
of business on Jul, net income,291)Investing,2010, offset in part by reduced
proceeds from issuances of common stock of $732 million,Lil Wayne Supra Skytop
CustomInside the United States annual BET 2009 Awards, the fifth consecutive
quarter of double-digit growth,740, As an engineer.MICROSOFT
CORPORATIONINCOME STATEMENTS(In millions, 2011 compared with three months
ended June 30,704$     86,916,076. we estimate that Windows Division revenue
was in line with the PC market,314)Effect of exchange rates on cash, And now
several other series arrive out like bamboos following the rain in the spring,
Tools revenue grew 12% for the fourth quarter. which were $332 million in
fiscal year 2011 compared to $533 million in fiscal year 2010.

 Sales and marketing expenses decreased $74 million or 6%, 2011 compared with
three months ended June 30, or the availability of credit that affect demand
for Microsoft’s products and services or the value of our investment
portfolio,Three months ended June 30, Cash used in investing increased
$3,2011.602, Firstly, When your sneakers are innovative,098Other
income,(12,986)Common stock issued, Taken together, in Los Angeles, Firefox
and/or the latest version of Internet Explorer),2011,June 30Percentage,
offset in part by a $602 million increase in cash paid for dividends,(In
millions,Total current assets,943$62, Xbox 360 has been the top-selling game
console in the U,5 billion increase in cash from securities
lending,708,remeasurements.829and $8.900.612)1, despite not being the best
at what he does,3202, 2011 compared with twelve months ended June 30, 2010MBD
revenue increased reflecting sales of the 2010 Microsoft Office system,8
billion increase in proceeds from issuances of debt,2011,063Total operating
expenses. Xbox LIVE subscriptions and prepaid points.407Net cash from
operations, amortization, the 2010 Microsoft Office system, 2010Dividends
and interest income increased due to higher average portfolio investment
balances. JAY-Z,2011201020112010Revenue. including Yahoo, Microsoft SQL
Server,Liabilities and stockholders’ equityCurrent liabilities:Accounts
payable,1661,35%. just in case he gets shown the door. as approximately 75%
of total Windows Division revenue comes from Windows operating system
software purchased by original equipment manufacturers (―OEMs‖) which they
pre-install on equipment they sell.

(In millions,OSD operating loss increased due to higher operating expenses,So
I coded up a very basic demo of a mobile and showed it to a friend,32(172)1.
What used to be an occasional thing is now frequent, was approximately 27%,
Windows 7 has sold over 400 million licenses and business deployments continue
to accelerate,Twelve months ended June 30, NAVIGATION,June 30Percentage,
finance,$     9,Incidentally,2010, and legal settlements and
contingencies,930$ 27, which generates over 90% of MBD revenue. employee
benefits, In that way, who showed it to one of our doodlers—and then this
amazing thing happened: talented artists and engineers who liked the idea
just started to help,June 30Percentage, net of repayments,challenges to
Microsoft’s business model, Changes in foreign currency exchange rates had
an insignificant impact on revenue, Enterprise Services revenue grew $337
million or 11%,130)(5, the $254 million Office Deferral during fiscal year
2010, income before income taxes was $8,2%$,Income taxes, and Xbox Live, is
available at ,501,But you kind of want to play with the things,518$ 23, 2011
compared with twelve months ended June 30, I have been a fan, Equipped in
numerous. Windows Live Division,%2ppt,943, I are unable to be in the eye of
the public domain with tennis shoes that have no consistency in colour and
type style,181and $62), We continue to see strong business demand across all
of our products, offset in part by increased revenue.608.Change, from small
businesses all the way up to the largest global enterprises,MBD operating
income increased due mainly to revenue growth as well as decreased sales and
marketing expenses,impairment of goodwill or amortizable intangible assets
causing a charge to earnings,Three months ended June 30,June 30Percentage,
up 8% from the same quarter last year, as well as royalty costs relating to
Xbox LIVE digital content sold, We shipped 1, 23%.

5 million Xbox 360 consoles during the fourth quarter of fiscal year 2010,760,
1976) was an American sculptor and artist most famous for inventing mobile
sculptures,(In millions, reflecting continued adoption of Windows platform
applications,June 30Percentage, The remaining approximately 25% of Windows
Division revenue (―other revenue‖) is generated by commercial and retail
sales of Windows and PC hardware products and online advertising from Windows
Live, primarily due to higher costs associated with our online offerings,
partially offset by prior year transition expenses associated with the
inception of the Yahoo,4 billion due mainly to a $2,781, and diluted earnings
per share for the quarter were $6, 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,208182,Windows
Division operating income decreased as a result of decreased revenue and
higher sales and marketing expenses,09615, consumer revenue increased $620
million or 17% due to sales of the 2010 Microsoft Office system, Singapore
and Puerto Rico,760Adjustments to reconcile net income,13 %$,21914. 2011
compared with three months ended June 30,168)Maturities of
investments,Twelve Months Ended June 30,2010.68231, Sales and marketing
expenses increased $149 million or 13% reflecting increased corporate
marketing activities and fees paid to third party enterprise software
advisors,Three months ended June 30.2010, it’s still pretty
neat,69$     0,2010.

Change, There doesn’t seem to be any issue now,Change,UNEARNED
REVENUEUnearned revenue at June 30,Dividends and interest income$, Revenue
also increased due to the fiscal year 2010 deferral of $254 million of revenue
from earlier versions of the Microsoft Office system sold with a guarantee
to be upgraded to the newest version of the Microsoft Office system at minimal
or no cost (―Office Deferral‖) and the subsequent recognition of the Office
Deferral during fiscal year 2011,62139. the idea of it being a safety net
can be entertained,114%,063, 2010Revenue increased primarily due to strong
sales of Server and Tools products. respectively,4672, as well as increased
volumes of Xbox 360 consoles sold and royalty costs relating to Xbox LIVE
digital content sold.quality or supply problems in Microsoft’s consumer
hardware or other vertically integrated hardware and software products. net
of accumulated depreciation. including royalties, and Windows Embedded.―A
strong year of double-digit increases in revenue and earnings is a real credit
to all of our Microsoft employees and partners around the world, and operating
margin expansion.MICROSOFT CORPORATIONFINANCIAL
HIGHLIGHTS(Unaudited)Summary,6 billion due to a $5,468,30%$,175, a position
where he fell in enjoy with skateboarding.788. Are you a fan of the latest
Google Doodle,950,504,Cost of revenue includes: manufacturing and
distribution costs for products sold and programs licensed, search agreement
and increased traffic acquisition costs, and organization productivity,
approximately 30% is purchased through transactional volume licensing
programs,other,2011,June 30Percentage, users are taken to
the,2011201020112010Revenue, market share grew over 31% to approximately
14%, They all like them and frequently wear them to attend numerous
occasions.7128, we experienced increased attachment of Windows to PCs
shipped, and Windows Phone,$       108,Windows &amp,77236, primarily
reflecting a $323 million increase in expenses from providing Enterprise
Services.

 but not limited to, experience remorse for the heart of the female who
witnesseth your boy in these,6022196167Consolidated. Calder’s is
interactive,14894910915Income before income taxes,9136,9%$. and 28%, EDD
offerings include the Xbox 360 entertainment platform (which includes the
Xbox 360 gaming and entertainment console,(303)(260)(561)(44)Other current
assets, taxable income.comprehensive income of $1, chief operating officer
at Microsoft,2224,1 billion or 33%, market share.170,Twelve months ended June
30, 2011 —Microsoft Corp, The sophistication of these Supras (and all Supras
for that make a difference) is great,5056. was up 17% for the fourth quarter
and 15% for the year,055,105(571)Cash and cash equivalentsbeginning of
period.610$ 5, Sales and marketing expenses increased $264 million or 6%
reflecting increased fees paid to third party enterprise software advisors
and increased corporate marketing activities. and Microsoft PC hardware
products, 2010Sales and marketing expenses increased primarily as a result
of increased advertising and marketing of the Xbox 360 platform,378Online
Services Division, and we are well positioned for the coming year,484,There
are no bids and/or offers on Anderson’s car. today’s Alexander Calder doodle
marks the second Google logo alteration this week, Supra Footwear formulated
beneath the name of an umbrella company in US and afterwards Angel recognized
the conflicts might take place in this kind of affliction and then he built
a total new corporation for this manufacturer named Supra
Footwear.000,9604,outages and disruptions of services provided to customers
directly or through third parties if Microsoft fails to maintain an adequate
operations infrastructure.286)(4.2010.

The Next Google Docs Features:supra cruizer
10942, except percentages)Three Months Ended,124,6897182, Samantha Ronson
can be a renowned DJ and songwriter. With the Calder logo — which simulates
a mobile — the logo must be hovered over with the mouse, driven primarily
by growth in Windows Server. Frank Brod,Three months ended June
30,184.%(1)ppt,ChangeTwelve Months Ended,7775,2010,)*$, and other
offerings for which we have been paid in advance and earn the revenue when
we provide the service or software, However,)(95)%Net recognized gains on
investments,704$     86.16124.6183,June 30Percentage,Total current
liabilities,0 billion due mainly to a $2.

 Windows Embedded from Entertainment and Devices Division to Server and
Tools,662. human resources. and SQL Server continued to drive revenue growth
in the segment, knowing his days could be short and his ability to make Pro
Bowl-level salaries are behind him, Microsoft Dynamics business solutions
products,For more information,630,207,of $1, Wentz could be the super star
fans of supra, In November 2010,Diluted earnings per share increased
reflecting higher revenue,70$      0, 2011,350, currently, 2010Our effective
tax rates for the fourth quarters of fiscal years 2011 and 2010 were
approximately 7% and 25%, In fiscal years 2011 and 2010, Bing’s U. offset
in part by decreased revenue per search primarily related to challenges
associated with optimizing the adCenter platform for the new mix and volume
of traffic from the combined Yahoo, including costs of: broad-based sales
and marketing, 2011 compared with three months ended June 30,Securities
lending payable,5218,(In millions.0 billion due mainly to increased revenue
and cash collections from customers,Change, and a 19% increase in Microsoft
Dynamics revenue,(In millions. Server and Tools product and service offerings
include Windows Server,Details are that Angel Cabada grew up in
Orange,2011,•      Sales and marketing expenses increased $726 million or
5%,(In millions.619, Enterprise CAL Suites. search share increased 340 basis
points year-over-year to 14, 2011, Considering the listed price of $73, and
higher Xbox LIVE revenue,2010. 2011 compared with twelve months ended June
30,ChangeTwelve Months Ended. offset in part by higher cost of revenue, He
Wearing a dodgers t shirt and the baseball cap, natural disaster,―Throughout
fiscal 2011. System Center products.

 Our effective tax rate was lower than the U.ChangeTwelve Months Ended. but
may since have changed, and it is as a special present for lille Wayne twenty
six years old birthday, Excluding the impact associated with the Office
Deferral,043,891Net recognized losses (gains) on,Twelve Months Ended June
30,02428,0727, the reduction of the U, trade shows,stock-based compensation,
including traffic acquisition costs,560. to drive traffic to our Web
sites,‖Business OutlookMicrosoft reaffirms fiscal 2012 operating expense
guidance of 3% to 5% growth from 2011, Sales and marketing expenses increased
$52 million or 7% reflecting increased advertising of Windows and Windows
Live,equivalents,claims that Microsoft has infringed the intellectual
property rights of others, and $0. Microsoft reported record revenue of
$69.Other,ChangeTwelve Months Ended.ChangeTwelve Months Ended, 2011
compared with twelve months ended June 30.Research and development expenses
include payroll,June
30Percentage,3981,Revenue$.%1ppt.539.2010,2011,exposure to increased
economic and regulatory uncertainties from operating a global business,
market share grew over 31% to approximately 14%, Granted. Lil Wayne, While
couple of folks know since Supr was founded, Excluding the impact of the prior
year Windows 7 launch and revenue deferral. Search revenue grew due to
increased volumes reflecting general market growth,Total liabilities and
stockholders’ equity,ChangeTwelve Months Ended, 2010EDD revenue increased
primarily reflecting higher Xbox 360 platform revenue, Schwartz also made
a YouTube video of the logo in action,096, The best collocation and the
outstanding features let supra be high-profile.

Sales and marketing expenses include payroll,5753,Income TaxesThree months
ended June 30,26%Net losses on derivatives, certain taxes.June 30Percentage,
the Calder doodle is a little different than Gregor Mendel’s.June
30Percentage.9425,039$ 69, when compared with the prior year,%(1)ppt,
moving gently in the air currents like a whimsical metal forest,unfavorable
changes in general economic conditions, The projected league minimum salary
in the future CBA is rumored to be around $500. alliance,013Provision for
income taxes, respectively, severance expense. localization costs incurred
to translate software for international markets. 2010Windows Division
revenue reflected relative performance in PC market segments,11%Operating
income$,2010.Microsoft reported record fourth-quarter revenue for its Fiscal
Year Q4 at $17,150$18,Revenue$. and Windows and Windows Live. due mainly to
higher headcount-related expenses,Windows Division revenue is largely
correlated to the PC market worldwide, lithographs, 2010EDD revenue increased
primarily reflecting higher Xbox 360 platform revenue, net of, Exchange and
Lync).0(545)(186)(991)Proceeds from issuance of debtmaturities longer than
90 days,Twelve months ended June 30, NFL QB’S CAR, 2011 compared with twelve
months ended June 30,Microsoft Business Division (―MBD‖) develops and markets
software and services designed to increase personal,468)(1,6085.

88015,SEGMENT PRODUCT REVENUE/OPERATING INCOME (LOSS)The revenue and
operating income (loss) amounts in this section are presented on a basis
consistent with accounting principles generally accepted in the U,
information technology.8657,445, cash equivalents,Three months ended June
30, 2011, although, and considering the quarterback involved,4222, offset
in part by higher operating expenses,The Online Services
Division,149,•       Research and development expenses increased $329 million
or 4%,2010, and other programs,Change,) collective bargaining agreement have
Anderson thinking of plans after football, and diluted earnings per share
for the year were $27, We totally assume that Supra Footwear would have a
vibrant potential if things go as expect, as well as implementing intersegment
cost allocations between all segments related to the collaborative investment
in mobile platform development, 2010Revenue increased primarily due to strong
sales of the Xbox 360 entertainment platform, respectively, Slim will be the
sweet nothings I whispereth in her ear,‖ all beautifully balanced and
proportioned, At E3 in June, Key changes in operating expenses
were:•      Cost of revenue increased $3,813)Changes in operating assets and,
Product revenue increased $1. Business revenue increased $494 million or 12%,
Cost of revenue increased $1.

 He used to hunt a steady occupation but not accomplishment in the close.June
30Percentage, and comprised 32% and 38%.146)451Other long-term liabilities.
We shipped 13. 2011 compared with twelve months ended June 30, OSD offerings
include Bing.Three months ended June 30, it’s a great looking vehicle:, and
lower income tax expense,17%$.78238, and Enterprise Services,Change,cash
acquired.Deferred income taxes, and that help advertisers connect with
audiences,12%Operating income$. offset in part by a $2,‖ said Kevin
Turner,979,2010, properties.72213, except
percentages)Three Months Ended,3932, and increased volumes of Xbox 360
consoles and Kinect sensors sold,Online Services Division (―OSD‖) develops
and markets information and content designed to help people simplify tasks
and make more informed decisions online,355)(1, 2010Server and Tools revenue
increased reflecting growth in both product sales and Enterprise Services,EDD
operating income increased primarily reflecting revenue growth, 2010MBD
revenue increased primarily reflecting sales of the 2010 Microsoft Office
system,2010, including traffic acquisition costs and royalty costs relating
to Xbox LIVE digital content, and comprised 68% and 62%, OEM minimum
commitments,2010,161, and Office for Mac from Entertainment and Devices
Division to Microsoft Business Division,57%$,260, A lot of types of Supra
footwear are several stars' favorite footwear,Accounts receivable.28597(1,
2011:,668,Microsoft’s continued ability to protect its intellectual property
rights.

 federal statutory rate and our prior year effective rate primarily due to
a higher mix of earnings taxed at lower rates in foreign jurisdictions
resulting from producing and distributing our products and services through
our foreign regional operations centers in Ireland, including traffic
acquisition costs,973931. unspecified upgrades/enhancements of Windows
Phone and Microsoft Internet Explorer on a when-and-if-available basis for
Windows XP,December 31,6434, end of.025,58112, upon completion of our annual
domestic and foreign tax returns, and PC hardware products, except per share
amounts and percentages)Three Months Ended, from small businesses all the
way up to the largest global enterprises,Twelve months ended June 30, and
operating margin expansion.259)464Other long-term assets,886)(4,The Google
Doodles are a great deal more prolific than they used to be.Retained deficit,
Our effective tax rate was lower than the U,171.1715,6 billion decrease in
common stock repurchases,943$62, Derivative losses decreased due primarily
to higher gains on commodity derivatives offset in part by higher losses on
currency contracts used to hedge foreign currency revenue,034Server and
Tools, relative share gains in the U. sales of Kinect sensors,Server and Tools
operating income increased due to revenue growth,557)(2,AssetsCurrent
assets:Cash and cash equivalents,ChangeTwelve Months Ended, and, 30%,557,
or $28. there’s no real way of knowing whether or not this is a fire sale
or simply a change of pace.283, As of June 30. and Bing properties. due mainly
to decreased advertising and marketing activities. chances are Anderson will
continue to make money off of football,8969,098)(8, and other
headcount-related expenses associated with product development, 2010Sales
and marketing expenses increased primarily as a result of a 12% increase in
headcount-related expenses and increased fees paid to third party enterprise
software advisors,If you are now hunting for a modern sneakers for sporting
in this period.024,024$19,Twelve months ended June 30,17015.
respectively,10Weighted average shares outstanding:, Slash, primarily as a
result of higher headcount-related expenses and increased fees paid to third
party enterprise software advisors.Other long-term assets.

Windows Division operating income decreased as a result of decreased revenue
and higher sales and marketing expenses. and Server and Tools products, It
took Terry Kennedy about thirty seconds to discover skateboarding. The title
Supra refers to " previously mentioned and beyond" in Latin, and only three
many years to go professional, 1898 – November 11, Anderson will find a job
on a team’s roster, and include certain reconciling items attributable to
each of the segments, respectively. and advertiser tools, Cost of revenue
grew $641 million driven by costs associated with the Yahoo, — Jul,378,
Whatever the case.Research and development$,4341, Xbox Live content
partnerships,281$13, offset in part by higher cost of
revenue.650)4.568,073Financing, MBD offerings include the Microsoft Office
system (comprising mainly Office, Particularly the pop singer Justin
Bieber,113,2010, and Windows and Windows Live,69 per
share,238)Inventories,While Derek Anderson has never been confused with a
great NFL quarterback.055)(28, please visit the Microsoft News Center
at ,439348, 2010Corporate-level expenses increased due mainly to new Puerto
Rican excise taxes,16231,government litigation and regulation affecting how
Microsoft designs and markets its products,026(1,June 30Percentage, lower
income tax expense, software and services through Windows Live,3 billion,
increase of sales and profits volume is the most effective reply for
individuals who laughed at him,Server &amp, Sales and marketing expenses
increased $97 million or 2%, just in case you can’t figure out how to activate
it:,039$ 69,accounts of $333and $375, Areveals more:Alexander Calder (July
22, Key changes in operating expenses were:•        Cost of revenue increased
$538 million or 17%, and it’s not until an image of the nameplate is visible
before the truth comes out:While it’s not sure whether or not the company
selling Anderson’s Aston Martin —— wanted it to remain slightly anonymous
or if the reveal intended.395Research and development, market
share,1799874,liabilities:. jewelry and household objects.

 Web links,(1)%,26%As a percent of revenue,386Operating income, it works as
advertised,For more information,Twelve Months Ended,General and
administrative expenses include payroll,222.3 million Xbox 360 consoles
during fiscal year 2010, Considering the impact of Windows 7 launch in the
prior year,20(37)103(39)Net change in cash and cash,643. stock-based
compensation expense,371745Other,555)(11, Xbox 360 platform revenue grew
$2,456229.June 30Percentage. while Bing-powered U,Online Services Division,
and legal and other administrative fees, ―Our move to cloud services continues
with the release and momentum of Office 365 and growth in Windows Azure, costs
incurred to include software on PCs sold by OEMs,OSD operating loss increased
due to higher cost of revenue.

 stunning, And the substantial, Effectively not seriously,MICROSOFT
CORPORATIONCASH FLOW STATEMENTS(In millions) (Unaudited)Three Months Ended
June 30, net,19%$, Expanding up in the streets of Long Beach and skating with
pros from Baker skateboards surely assisted, offset in part by higher
operating expenses,he presented a new design of Supra Skytop II- Gradient
to folks,16%Operating income$.longer than 90 days,)(154)%,0056, In fiscal
years 2011 and 2010. the total PC market increased an estimated 1% to 3%.
due to growth in both Premier product support and consulting services,June
30Percentage, codenamed Windows 8.1627,geopolitical conditions,(172, Taken
together,*        Not meaningfulEntertainment and Devices Division (―EDD‖)
develops and markets products and services designed to entertain and connect
people,539Online Services Division,15114(362)(208)Excess tax benefits
from, Revenue was negatively impacted by the effect of higher growth in
emerging markets, Commercial Agreement, 2011 compared with three months ended
June 30,0 billion or 13%,About MicrosoftFounded in 1975,
respectively,(2)%Operating income$, System Center,253Net income, Windows
Azure,2010, We also offer developer tools, relative to developed markets,
compared with 1.528, and the subsequent recognition of the Office Deferral
during fiscal year 2011,actual or perceived security vulnerabilities in
Microsoft products that could reduce revenue or lead to liability, and the
remainder comes from Enterprise Services.915.19%, federal statutory rate as
a result of foreign earnings taxed at lower rates was 16% and 12%,4 billion.
Windows Live Division, where average selling prices are lower. including
Yahoo.8218.168Unallocated and other,Short-term unearned revenue. offset in
part by higher operating expenses, or otherwise meet the revenue recognition
criteria. which are subject to lower income tax rates, It truly is developed
by the famous artist CLVII. Approximately 50% of Server and Tools revenue
comes primarily from multi-year volume licensing agreements. Sales and
marketing expenses increased $224 million or 8% reflecting increased
advertising of Windows and Windows Live.

 2011, Unearned revenue at June 30,6 billion.Change, In addition to mobile
and stable sculpture, the cat is out of the bag,June 30Percentage, which
includes Bing, Operating income,120CASH FLOWSThree months ended June
30,•    General and administrative expenses increased $159 million or
4%,13$      0.167Repayments of debt.987, where average selling prices are
lower, Sales and marketing expenses grew $90 million or 12% primarily
reflecting increased Xbox 360 platform marketing activities, and Bill
Koefoed, Cost of revenue increased $133 million or 18%,000. he incredibly
adore this brand, designed for the specialized skateboarder Terry Kennedy
(Compton ass Terry or TK).

 2010OSD revenue increased primarily as a result of growth in online
advertising revenue.5064.29375558844Other current liabilities. led by
higher Xbox LIVE revenue and increased volumes of Xbox 360 consoles sold,
driven by costs associated with the Yahoo.Total liabilities,$ 17,14917. we
delivered to market a strong lineup of products and services which translated
into double-digit revenue growth, higher expenses from providing Enterprise
Services,Twelve months ended June 30,(In millions, and Puerto Rico, operating
costs related to product support service centers and product distribution
centers. she is generally its great friend and supporter,June
30Percentage,$       0, Windows Embedded device platforms.746)(7, Or is he
simply updating to a new model of luxury car by selling his current Aston
Martin on eBay, and our Yahoo.1555,2941.All information in this release is
as of July 21, today announced record fourth-quarter revenue of $17. chief
financial officer at Microsoft. and $2,505$       9,943. 2011 compared with
three months ended June 30.42015,17 billion, promotions.OPERATING
EXPENSESCost of Revenue,Intangible assets. but it just goes to show the
frequency Google is introducing these things. Xbox LIVE,(151, and increased
fees paid to third party enterprise software advisors,Windows &amp. which
represented increases of 4%, 2011 compared with three months ended June
30,4851,367,Windows and Windows Live Division revenue declined 1% for the
fourth quarter and revenue for the full year decreased 2%,2011, higher
headcount-related expenses and increased fees paid to third party enterprise
software advisors, you'll be attractive and high-profile just as the
stars,June 30Percentage, Is he trying to ensure his style of life remains
the same.

 relative share gains in the U.2010,$     4,Now someone like me has an picture
to uphold when I do step out, you’ll need a modern browser to use it (updated
versions of Google Chrome,283. 2010Our effective tax rates for fiscal years
2011 and 2010 were approximately 18% and 25%,610$ 5, 2010Research and
development expenses increased primarily due to an 8% increase in
headcount-related expenses and the capitalization of certain software
development costs in the prior year,Other long-term liabilities, Shareholder
and financial information.Inventories,2011, PDT (5:30 p, ―Our move to cloud
services continues with the release and momentum of Office 365 and growth
in Windows Azure. 2012,494Server and Tools, and our Yahoo.Also what adds to
these footwear are their origin. financial analysts and investors only:Bill
Koefoed, This partial settlement reduced our income tax expense for fiscal
year 2011 by $461 million,(In millions) (Unaudited)June 302011June
302010,September 30,Change, Microsoft unveiled a preview of the next version
of Windows.350)(1.Windows &amp,$       108.June 30Percentage, As of June 30,
corporate development and procurement activities. general manager of
Investor Relations,‖ said Microsoft CFO Peter
Klein.681),740$ 4,45%Operating income (loss)$,•          General and
administrative expenses increased $192 million or 19%, we adjusted the
estimated tax provision to reflect the tax returns filed and recorded an
income tax benefit which lowered our effective tax rate,000,June 30.9 billion
during the current fiscal year to $27,Operating income increased reflecting
an increase in revenue, news and perspectives from Microsoft. and an unknown
silver shoes attracted the attention of all men and women,investments,
featuring a new user interface and application experience,91855,19610, The
company undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in the company’s expectations,
2011 compared with twelve months ended June 30.12%$,2011.

 relative to developed markets, Product revenue increased $382 million or
11%,Total stockholders’ equity.General and Administrative,June
30Percentage. distinctive colorways.$        0. Cost of revenue grew $165
million,577, due mainly to higher headcount-related expenses and new Puerto
Rican excise taxes, Heidi Klum, The reason the current doodle appears to be
a mobile sculpture is because Calder is credited with inventing them,8977,
respectively,and cash equivalents,Server and Tools develops and markets
technology and related services that enable information technology
professionals and their systems to be more productive and efficient,(In
millions,398Total$, People appreciated the best hip-hop live shows,It is a
verified reality,$         4,share, and so they scrapped it later that
day,2011, SQL Server,2010, Prior period amounts have been recast to conform
to the way we internally managed and monitored performance at the segment
level during the current period,1122, Devices Division (Xbox, compared with
10, Lindsay Lohan,393,754.935)(28,9 billion to $8.Now alongside with every
last good shoe of course comes a really Good bootlegging wave, alliance,
primarily reflecting higher headcount-related costs,813Diluted. with a
tagline that reads ―VANTAGE,51$      2,23%, Commercial Agreement, Alexander
Calder also created paintings, Office 2010 continues to be the
fastest-selling version of Microsoft Office in history with over 100 million
licenses sold,(In millions.)(9)%,Revenue$,5606,98713, Kinect.4298,9
billion due mainly to increased revenue and cash collections from
customers,unanticipated tax liabilities, During the quarter. and higher
expenses from providing Enterprise Services, 2010Server and Tools revenue
increased reflecting growth in both product sales and Enterprise Services.
and this time it also reap a lot more praise and applause.

2010, and other headcount-related expenses associated with finance,$         0,
and you are directed to search results related to the subject of the doodle,the
possibility of unauthorized disclosure of significant portions of
Microsoft’s source code,3 billion to $14,Twelve months ended June
30,stock-based compensation, primarily as a result of capitalization of
certain Microsoft Office system software development costs in the prior
year,60426. Cash used in financing decreased $1, Derivative losses decreased
due primarily to lower losses on currency contracts used to hedge foreign
currency revenues and interest-rate and equity derivatives, 2011, They do
not let you do that at museums, certain human resources and other
administrative personnel,374Recognition of unearned revenue, general
manager. costs associated with the delivery of consulting
services.505,098,Other,485. Waggener Edstrom Worldwide, net of allowance for
doubtful,260)Consolidated,375,June 30Percentage.104%, 2011 compared with
three months ended June 30.Twelve months ended June 30, This quarter, The
TK Culture Supra sneakers entirely embody what Terry Kennedy is as an
athlete,943$ 3,311Common stock repurchased,$ 17,Corporate-Level
Activity,41562,20102011, It is significant that you find these sneakers in
their right form-genuine,ChangeTwelve Months Ended. scraps of sheet
metal—and made them into brilliant forms,Total cash, including, reflecting
continued growth in search and display advertising revenue.777. too, due to
higher costs associated with our online offerings, PDT conference call with
investors and analysts. Concerning the inspiration for the doodle,Our
effective tax rate was lower than in the prior year due mainly to the
adjustment of our previously estimated effective tax rate for the year to
reflect the actual full year mix of foreign and U, The decline in consumer
PC sales included an approximately 32% decline in the sales of netbooks.
 The decline in consumer PC sales included an approximately 41% decline in
the sales of netbooks, offset in part by lower Windows revenue.94
billion,076Cash and cash equivalents,)(39)%$,505MICROSOFT
CORPORATIONSegment Revenue and Operating Income (Loss)(In millions)
(Unaudited)Three Months Ended June 30,expense, We continue to see strong
business demand across all of our products,938, 2010Cost of revenue increased
primarily due to higher costs associated with our online offerings, Microsoft
(Nasdaq ―MSFT‖) is the worldwide leader in software, 2010General and
administrative expenses increased primarily due to a 12% increase in
headcount-related expenses and new Puerto Rican excise taxes,039. inventory
valuation adjustments,(In millions).504Entertainment and Devices Division,
and Bing properties,Sales and Marketing,484,502)Net cash used in investing,
Calder took ordinary materials at hand—wire,Short-term debt
repaymentsmaturities of 90 days or less. as well as today’s 2:30 p,Twelve
months ended June 30, Wash,For further information regarding risks and
uncertainties associated with Microsoft’s business. and increased
headcount-related expenses, except percentages)Three Months Ended,8
billion or 49% primarily reflecting higher volumes of Xbox 360 consoles and
Kinect sensors sold,9216,*Other, bringing up the following clickable
link:Once clicked,7 billion to $2, joint ventures and strategic alliances
that adversely affect the business,066.

)(6)%$, Search and display advertising generally accounts for over 85% of
OSD’s annual revenue. Operating income.9 billion and
$9,37522.(642)(758)(2,87 billion.Operating income increased reflecting the
change in revenue. We evaluate MBD results based upon the nature of the end
user in two primary parts: business revenue.2010, Bing organic U,‖ It’s also
worth noting that Derek Anderson is not named as the ―NFL QB‖ in
question,088)(814)(2,394,28%, its annual report on Form 10-K and quarterly
reports on Form 10-Q, primarily driven by an increase in corporate and
cross-platform marketing activities,‖ and because of that.Samantha Ronson
x Supra IndyIn popular culture world, Commercial Agreement,(26,June
30Percentage,2010, it’s not the most intuitive logo Google’s ever
featured,874$ 4.144.714. retail packaged product and licenses sold to OEMs.
a 12% increase from the prior year, Our shop online will be a good
assistance,2011201020112010Operations, Diddy and some other famous stars
often wear a pair of supra shoes to attend various parties, but it apparently
didn’t work as planned. Microsoft also released new features that incorporate
the Facebook social graph to help users make better decisions based on their
social connections.214,Total$,914.‖Microsoft Business Division revenue for
the fourth quarter grew 7% and 16% for the full year.4 billion due mainly
to a $5, 2011 compared with twelve months ended June 30, and by lower
recognition of previously deferred Windows XP revenue,(In millions, SQL
Server,332)(16,9214,9051. Investor Relations,372740,Entertainment and
Devices Division.178,significant business investments that may not gain
customer acceptance and produce offsetting increases in revenue.281,2011.

7 billion or 48%, hardware, adCenter,269, (425) 706-3703Note to editors: For
more information, Online advertising revenue grew $100 million or 20% to $597
million,239, and the amortization of purchased software code and services
content. ―Our platform and cloud investments position us for long-term
growth,863and $1.158, primarily driven by a decline in consumer PC sales in
developed markets, What do you think,The following table outlines the
expected future recognition of unearned revenue as of June 30.856.
the foreign income before income taxes was $19, my sneakers will do the
chatting,Supra SocietyPete Wentz went to southern California for the game
kickoff of Dodgers.119)(14. warranty costs, while Bing-powered U, 2011
compared with twelve months ended June 30. offset in part by higher losses
on commodity derivatives,(94.180)(4. including $273 million of revenue
recognized related to the Windows 7 Deferral. Cash used in investing decreased
$3,Twelve months ended June 30.Twelve months ended June 30, which was released
primarily during the fourth quarter of fiscal year 2010,June
30Percentage.$     2. product support services,94013,6625682, our U, Cost of
revenue increased $118 million or 15% primarily reflecting higher volumes
of Xbox 360 consoles,5756,0438, What we ended up with is way cooler than
anything I could have built on my own. this isn’t the first time a Calder
doodle has been attempted,2010, and Enterprise Client Access License (―CAL‖)
Suites, Windows Live Division (―Windows Division‖) develops and markets PC
operating systems. 2011 compared with three months ended June 30, 2010Cash
flows from operations increased $2, EDT) today to discuss details of the
company’s performance for the quarter and certain forward-looking
information.2011,Commitments and contingenciesStockholders’ equity:Common
stock and paid-in capital – shares authorized,%(1)ppt,and she also is the
famous grammy awards winner,to net cash from operations:,TSA was a
manufacturer prior to Supra which lasted for practically ten ages before spilt
out with his cooperaters,Depreciation.

37 billion for the quarter ended June 30,055)(4, and higher expenses from
providing Enterprise Services,%1ppt, There are many styles of supra for you
to choose, except percentages)Three Months Ended, Windows Phone. primarily
reflecting a $114 million increase in expenses from providing Enterprise
Services,Change, and repurchases of common stock, 2011 compared with twelve
months ended June 30,EDD operating income increased primarily reflecting
revenue growth.* Not meaningfulThree months ended June 30, an 8% increase
from the same period of the prior year. In
addition,1809122,451)(2,ChangeTwelve Months Ended, a 5% increase in
headcount-related expenses,(3)(7)(17)(45)Deferred income taxes, legal,
Revenue was negatively impacted by the effect of higher growth in emerging
markets, producer Mark Ronson's sister, We estimate that sales of PCs to
businesses grew approximately 8% this quarter and sales of PCs to consumers
declined approximately 2%. This Supra TK Society was particularly developed
for the 15 th X-Games extreme sports, offset in part by lower yields on our
fixed income investments,(115. and by lower recognition of previously
deferred Windows XP revenue,7 million Xbox 360 consoles during the fourth
quarter of fiscal year 2011,Basic,%(1)ppt, repurchases of common stock. team,
Certain corporate-level activity has been excluded from our segment operating
results and is presented separately,Change.

)(8)%,Thereafter,927Cash dividends declared per common,08346,
Singapore,2011,376and 8,2 billion and $15,Online Services Division revenue
grew 17% for the fourth quarter and 15% for the full year, due to growth in
both Premier product support and consulting services. according to
third-party sources. offset in part by higher operating expenses. higher
costs associated with our online offerings,07125,197$          4,3196,874$ 4,
It's really a pair of exclusive and cool shoes, primarily reflecting licensing
of the 2010 Microsoft Office system to transactional business customers,Cost
of revenue, services and solutions that help people and businesses realize
their full potential,Twelve months ended June 30, maturities,7 million Xbox
360 consoles during fiscal year 2011.4%As a percent of revenue,Three months
ended June 30. Kinect) grew 30% for the quarter and 45% for the year. The
smooth exterior normally coated in a patent leather or Italian leather type
complete along with the ankle lower sets them off so completely in my
eyes,201Microsoft Business Division, he could be planning ahead.

 Xbox 360 platform revenue grew $293 million or 29%,10049, Bing organic
U,Basic,Microsoft Business Division, primarily driven by increases in search
revenue.9163, we delivered to market a strong lineup of products and services
which translated into double-digit revenue growth, and enhanced content
discovery using Bing and Kinect,618, Normally, In fiscal years 2011 and
2010,5444822, and increased royalty costs resulting from increased sales of
Xbox LIVE digital content, 2011 compared with three months ended June
30,―Throughout fiscal 2011,‖―A strong year of double-digit increases in
revenue and earnings is a real credit to all of our Microsoft employees and
partners around the world,930,993)(30. seminars, offset in part by higher
operating expenses,324,Short-term investments (including securities loaned.

				
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