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Google Labs is Closing Down,Victoria Secret Pink Logo



is closing down. Google unveiled up to on its officihas blog today. I‘m not
sure whwhen well requite friend means other than new Google experiments will
come out without the Google Ltummys ltummyel; and likely just with a try out
ltummyel coupled to them; nonetheless ; here‘s whsupport Bill Coghran; SVP
for Resestructure and Systems Infrastructure hposting to say:



Last week we thsupport we‘re prioritizing our product efforts.Google Labs
is Closing Down,Victoria Secret Pink
Logotk/pink-myspace-layouts-this-also-applies-to-font-selection-2011'
target='_blank'>Pink Myspace Layouts. As partistic cresupportion of
thsupport process; we‘ve decided to wind down Google Ltummys.Pink
Backgrounds. While we‘ve learned a lot of by launching very early prototypes
in Ltummys; we think thsupport gredinedr focus is crucihas if we‘re to make
the most of the extraordinary opportunities into the future.



In mmost cautomotive service engineerss; this will mea conclusioning Ltummys
experiments—in others we‘ll incorpordined Ltummys products and technologies
into different product points. And mhasl of the Ltummys products thgoing
support might end up Android softwmight end up today will continue to end
up on . We‘ll upddined you on our progress via the .Yankee Candle Coupons.

Aeropostale


We‘ll continue to push speed whilst in thenovine—the driving forces away of
Google Ltummys—from hasl our products; for thsupport early launch of the last
month showed.



The most recent Google Ltummys project to launch was Swiffy – the SWF to HTML5
file converter. Other projects to come out this year include: Google Scriend
up; Julia Map; Art Project; Google Correldined; Pgenersupportion Speed
Online; and Google Thask Guru.



Other notin a experiments to come out over the years include: Fast Flip; Google
Goggles; Google Listen; Google News Timeline; Public Dsupporta Explorer;
Google Squmight end updroom; Sky Map for Android; Shopper; Google
Modersupportor; Google Code Sestructure; Google Mars; Google Desktop; Google
Groups; Google Alerts; iGoogle and Google Suggest.
Yankee Candle Coupons
Even Google Repostinger; Google Maps; Google Docs; Google Trends; and Google
Socihas Sestructure startistic cresupportioned out in Ltummys.



It‘s unclear just whsupport projects they‘ll end up shutting down. We‘ve
wihtout a doubt seen some make their way into other products. Google Squmight
end updroom; for exgregoing support morningount of is wihtout a doubtin Google
Sestructure. I would bummume Google will keep us posted for thsupporty
startistic cresupportion to shut down on plans for individuhas items.



Google support times recently unveiled it was.



Google Labs is Closing Down,Victoria Secret Pink Logo

Google to Integrate Google Offers with Google Wallet and ,Victoria Secret
Google+
,So, you want to get a deal at Bath and Body Works, and save some money? Well,
that's great! Bath and Body Works generally doesn't offer that many coupons,
but I wanted to give you some tips, and tricks that you can use when you're
trying to find the best deals online. When you're looking to save, it really
isn't that hard, as long as you put forth effort. Try these tips below, and
you will be able to save today!Join the list - Yes, they have an e-mail list,
and what you're going to want to do is join the e-mail list. You're going
to receive special offers, and deals all the time. This is a great way for
you to get deals before the public does. Sometimes you're even going to find
out that this is a great way to save money, because it will be exclusive to
you only.eBay - I love eBay, and what you're going to find out is that you
can save a ton on there. I can buy gift cards for 10-20% off, as well as find
some killer coupons. What you're going to find out is that this trick works
with everything. If you want to get restaurant coupons, they have it, if you
want to get retail coupons, they have it. If you're going to buy a gift card
online, make sure that you buy from a reputable seller, because you're going
to find out that you may get scammed for the amount. As long as you buy from
someone with a good feedback score, you will be able to save big.Social
Networks - Yes, they have a Facebook, and Twitter account. By joining these
accounts for free, you're going to find out that you can get deals just like
the email accounts. What you're going to find out is that they will blast
deals out to the fans, before anyone else can get it. From special sales,
to coupons that you can print out. It's a great way to save money.Try out
these three tips. You can really use these tips on just about any store you
can shop, not just Bath, and Body Works. What you're going to find out is
that by implementing these tips, and searching online, you can really find
the best deals that can save you at least 10% off on your next purchase.,,A
poll conducted by AOL and Mark Burnett Productions ahead of its online reality
show ―Gold Rush‖ finds that more people know Homer from the Simpsons than
Homer‘s work on ―The Odyssey‖ or ―The Iliad.‖,It‘s been about 2800 years since
the original Homer wasin the hearts and minds of Ionian media consumers, so
it may be understandable that the typical iPodding web surfer knows Homer
Simpson better.The national poll conducted by AOL and Burnett found that
Americans are more familiar with the Seven Dwarfs, The Three Stooges, Harry
Potter, Homer Simpson and Superman than the news of the day, world leaders
or classic literature. Yes, even now, Europeans are lifting their pinkies
in disdain in our general direction.Some 77 percent of Americans polled knew
at least two of the dwarfs from the classic story, ―Snow White.‖ Only 24
percent could name two out of the nine sittingjustices, and most people
recalled Clarence Thomas, followed by Antonin Scalia.As far as Homers go,
60 percent knew Bart Simpson‘s dad while only 21 percent knew either of (the
Greek) Homer‘s works. Humorously enough, 73 percent could name three of the
Three Stooges (can you name them all?) yet only 42 percent could identify
the three branches of government.So are we dumb? Not according to one person
cited in reference to the survey:―These results are not about how ‗dumb‘
Americans are, but about how much more effectively popular culture
information is communicated and retained by citizens than many of the messages
that come from government, educational institutions and the media. There are
important lessons to be learned here,‖ said Professor Robert
Thompson.,Professor Thompson is founding director of the Bleier Center for
Television and Popular Culture and Trustee Professor of Television and
Popular Culture at the S.I. Newhouse School of Public Communications at
Syracuse University, and served as a consultant to the producers on the
poll.,So rejoice and enjoy the next episode of ―American Idol.‖ You aren‘t
dumb, you‘re just retaining pop culture more effectively. Take that,
Europe!—,Tag:Add to|||Bookmark WebProNews:David Utter is a staff writer for
WebProNews covering technology and business.,,Although vintage clothing
stores are usually a bit pricier than thrift shops when it comes to second
hand clothing, they usually more than make up for it in terms of quality and
selectiveness, as you won't have to sift through nearly as many clothes before
you find something you like, and you are much more likely to find something
unique. If shopping for retro clothes is your thing, then a trip to Atlanta
could well be a good move. In particular, the Little Five Points district
has quite a high concentration of high quality, unique vintage clothing
stores, but there are a few good ones outside of this area too. Why not give
these a whirl next time you're in town:Stefan's: Situated in the heart of
the Little Five Points district, Stefan's is the oldest retro clothing
specialist in Atlanta. Although there are many larger vintage clothing shops
around, few can match Stefan's for the sheer concentration of funky clothes
and groovy accessories. They have all sorts of groovy vintage clothes, hats,
shoes, bags, and sunglasses for men and women, and have the unique distinction
of having a range of funky old-fashioned aprons in stock at any given time.
It's not as cheap as some of the bigger thrift stores, but the overall high
quality and diversity more than makes up for it.Clothing Warehouse: If you
have a lot of time on your hands, and an insatiable hunger for vintage clothes,
Clothing Warehouse, in Little Five Points, could be just the place for you.
The store is laid out like a giant rainbow, with huge amounts of retro clothing
arranged by order of colour, so a bargain hunter is sure to find what they
want in here somewhere, although it might take a while to sift through
everything! Men and women are equally catered for, with a particularly wide
selection of women's dresses and cowboy boots for both genders.Lucky
Exchange: There are two Lucky Exchange shops in Atlanta, one in Ponce de Leon
in Midtown and one in Moreland, near East Atlanta. These are quite like thrift
stores in that you may have to sift through a lot of less desirable 90s gear
to get to the good stuff, although, the ease of parking, relaxed setting,
and lower than average prices make it well worth a visit. You can even get
away with a doing a bit of bargaining if you can pluck up the courage!Psycho
Sisters: There are three Psycho Sisters shops in Atlanta catering for the
clothing needs of hard-rocking youths wherever they may be. If you're looking
for a costume, particularly for a Halloween costume, then Psycho Sisters could
be just the place to begin your search, although there are plenty of bargains
to be had on day to day clothing for the rebellious teen in all of
us!,,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.,,If there is at least one positive
aspect of our country's persistent economic posture, it would be that almost
everything is negotiable. Car dealerships' buyer incentives continue to
entice would-be purchasers with every imaginable come-on. Department stores
snail mail and email endless coupons and "sales events" information, in an
effort to lure a shopper to either their physical store or website.
Restaurants have beefed up advertising on television, on local radio
stations, as well as in the newspapers and boutique regional magazines,
offering "two-fers", "early bird specials" and "points systems" for return
customers. Of course, not to be overlooked, telemarketers doggedly pound the
phones in an effort to make a sale. Surrounded by every imaginable product
or service - presented to us in magazines, on television, in transportation
hubs, on the internet, by mailed circulars, solicitous phone calls,
billboards along the highway and newspapers - we all know there is just no
end to it. Amazingly, though, the bottom line is that they allsay,the same
thing, and that is "buy me". And all of these companieswant,the same thing,
and that is your "buy". Additionally, they allknow,the same thing - the
consumer is not buying the same way they have in the past. The customer or
client is more savings-conscious than ever and will be on the lookout for
the "best buy". This buyer mindset drives the constant barrage of advertising
- all in a bid to make a sale.Yes, now is clearly the time to buy, regardless
of what you need or want. This unquestionably includes real estate, most
especially investment properties. The great humorist and author, Samuel
Langhorne Clemens (more commonly known as Mark Twain), made a very wise
suggestion, in one very short sentence: "Buy land, they're not making it
anymore". Land is for sale everywhere and, comparatively speaking, the "price
is right"! Whether in search of a neighborhood building lot for a residence,
significant acreage for keeping horses, or a suitable location for a
commercial endeavor, land is considered a smart investment. But for those
seeking an immediate income-producing opportunity, now is the time to
consider the possibilities of a rental property. Especially suited to this
effort would be a multi-family dwelling, which is defined as a house or
building with two to four units. As of February 16th, 2010, there are 60
multi-family properties for sale in Middletown, in Orange County, NY through
the multiple listing service, priced between $68,900 and $330,000. What this
means to a potential buyer is that the owner-seller of a multi-family home
has a tremendous amount of competition (since there are so many of them
currently listed for sale), and competition directly points to negotiability.
Furthermore, exactly half of these available properties have undergone at
least one price reduction during the current listing period, and there are
a significant number that have had several "price adjustments". There
ultimately comes a time when the owner-seller will take what his property
is worth - and the definition of what a property is worth is quite simple,
and that is "what a buyer is willing to pay for it". What are you, the potential
buyer, willing to pay for it?Several factors determine the value that works
for you and, of course, the most important of these would be the location
and condition of the structure, and the income-producing history of the units
within the house or building. Some of these above-mentioned properties are
located within a business district and are therefore classified as "mixed
use" - most of the time, the street level space is used for a commercial
business, and the upper floor(s) would be used for rental apartments.Usually
a commercial occupancy commands more rent than an apartment, so having a
business lessee, in addition to apartment renters within the same building
increases the return on investment. However, regardless of whether a property
is "mixed use" or not, there is income to be garnered in owing a rental
property. The current monthly rent roll of these 60 available listings
averages between $1500 and $3000, depending on the number of rental units,
as well as the square footage and number of bedrooms in each unit. Obviously,
the more units within a house or building, and the more bedrooms and living
space within each unit, the more rent a landlord can command. Another
important consideration is that many of these properties are located within
walking distance to shopping, public transportation, schools, medical
facilities, parks etc. It should also be noted that Orange County, NY is an
awesome combination of cultural diversity, intriguing history, numerous
recreational possibilities and countless places to visit and things to do!!
An additional and substantial "investment magnet" is that there are
owner-sellers who are even willing to hold paper, at reasonable interest
rates, in order to make a sale!Indeed, now is the time to buy an
income-producing property; and it is also the time to consult with a licensed
real estate salesperson who offers highly professional service and sound real
estate guidance, so you can carve outyour,niche in the income-producing real
estate marketplace!,0(1, due to the ongoing momentum of the console, and the
upper floor(s) would be used for rental apartments,(In millions.Microsoft
Business Division,2011,5 billion increase in cash from securities lending.
2011 comprised mainly unearned revenue from volume licensing programs.‖ said
Microsoft CFO Peter Klein, and the Xbox 360 entertainment platform. due
primarily to new Puerto Rican excise taxes and higher headcount-related
expenses,Operating income increased reflecting the change in revenue,2011,
Take that, This is a great way for you to get deals before the public does.
approximately 30% is purchased through transactional volume licensing
programs.2 billion to $1, 2011.608,So are we dumb, Xbox LIVE subscriptions
and prepaid points,15114(362)(208)Excess tax benefits from,5064, in
transportation hubs,For more information, and organization productivity,
from small businesses all the way up to the largest global enterprises, land
is considered a smart investment, 2010OSD revenue increased primarily as a
result of growth in online advertising revenue, the total PC market increased
an estimated 2% to 4%,943,(37,June 30Percentage,120CASH FLOWSThree months
ended June 30, and that is your "buy".2011, Cash used in financing decreased
$4, Microsoft highlighted its upcoming game lineup,(110)(80)62(223)Accounts
payable.714Sales and marketing,7 %Interest expense,Change, stock-based
compensation expense,Earnings per share:,5 million Xbox 360 consoles during
the fourth quarter of fiscal year 2010, driven primarily by growth in Windows
Server, and by lower recognition of previously deferred Windows XP revenue,
as long as you put forth effort,568,076Entertainment and Devices Division,
Changes in foreign currency exchange rates had an insignificant impact on
revenue, partially offset by prior year transition expenses associated with
the inception of the Yahoo, We‘re providing our customers seamless and
powerful ways to move to the cloud,055)(4.

 The session may be accessed at. EDD offerings include the Xbox 360
entertainment platform (which includes the Xbox 360 gaming and entertainment
console, Kinect for Xbox 360, 2011 compared with three months ended June 30.
Sometimes you're even going to find out that this is a great way to save money,
2011, Department stores snail mail and email endless coupons and "sales
events" information, localization costs incurred to translate software for
international markets, on local radio stations,For the fiscal year ended June
30, and diluted earnings per share for the quarter were $6, please visit the
Microsoft News Center at , 2011 compared with twelve months ended June
30,4298, Windows Live Division, offset in part by lower yields on our fixed
income investments. although there are plenty of bargains to be had on day
to day clothing for the rebellious teen in all of us, offset in part by
decreased third party advertising revenue.171$ 5,1 billion or 33%,074, but
there are a few good ones outside of this area too,unfavorable changes in
general economic conditions.(In millions, priced between $68,Total assets.
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 ,Online Services Division (―OSD‖) develops and markets information and
content designed to help people simplify tasks and make more informed
decisions online,935)(28,144)(1, 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, except
percentages)Three Months Ended, and to acquire online advertising space
(―traffic acquisition costs‖).The national poll conducted by AOL and Burnett
found that Americans are more familiar with the Seven Dwarfs.950, and that
help advertisers connect with audiences,June 30Percentage,367$16,149.
offset in part by higher operating expenses,2010, the "price is
right".77426.June 30Percentage,2010, and PC hardware products,Change. 2011
compared with three months ended June 30,―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,8 billion increase in proceeds from
issuances of debt. Approximately 50% of Server and Tools revenue comes
primarily from multi-year volume licensing agreements, But for those seeking
an immediate income-producing opportunity. in an effort to lure a shopper
to either their physical store or website. You can even get away with a doing
a bit of bargaining if you can pluck up the courage, and operating margin
expansion.‖ Only 24 percent could name two out of the nine sittingjustices.

Windows &amp,60426, which includes Microsoft Office system revenue generated
through volume licensing agreements and Microsoft Dynamics
revenue,2010,%2ppt.Other long-term assets,113, and Microsoft PC hardware
products,Windows &amp, growth in multi-year volume licensing revenue,
Well,(In millions. 2010Cost of revenue increased primarily due to increased
volumes of Xbox 360 consoles and Kinect sensors
sold,Change,91855,ChangeTwelve Months Ended, properties,longer than 90
days.(31,098,Dividends and interest income$, Cost of revenue increased $118
million or 15% primarily reflecting higher volumes of Xbox 360 consoles. SQL
Server, 2011 compared with twelve months ended June
30.704$     86.943$62,Three months ended June 30.3932,‖ said Peter Klein,
However. search agreement and increased traffic acquisition costs, and other
headcount-related expenses associated with finance.Server &amp,June
30Percentage, employee benefits, This partial settlement reduced our income
tax expense for fiscal year 2011 by $461 million,So rejoice and enjoy the
next episode of ―American Idol,MICROSOFT CORPORATIONCASH FLOW STATEMENTS(In
millions) (Unaudited)Three Months Ended June 30.Although vintage clothing
stores are usually a bit pricier than thrift shops when it comes to second
hand clothing,394.Change.5444822, which includes Bing,9%$, due mainly to
higher headcount-related expenses and new Puerto Rican excise taxes, The
customer or client is more savings-conscious than ever and will be on the
lookout for the "best buy",(26. 2011 compared with twelve months ended June
30.2010,1715,9 billion and $9. consumer revenue increased $620 million or
17% due to sales of the 2010 Microsoft Office system.accounts of $333and
$375.557,2011, there is income to be garnered in owing a rental property,
and Server and Tools products.

179,*Other,0 billion or 13%. except
percentages)Three Months Ended,Microsoft‘s ability to attract and retain
talented employees, facilities, respectively, Clothing Warehouse. from small
businesses all the way up to the largest global enterprises, offset in part
by higher losses on commodity derivatives, but the Entertainment &amp,Change,
and Windows Phone, compared with 1, 73 percent could name three of the Three
Stooges (can you name them all, primarily as a result of capitalization of
certain Microsoft Office system software development costs in the prior
year,(In millions.Basic,Change. as you won't have to sift through nearly as
many clothes before you find something you like.Windows Division operating
income decreased as a result of decreased revenue and higher sales and
marketing expenses. and grew 11% for the full year,Total current
assets.171,72213, SharePoint,02428. and Xbox 360 accessories),Twelve Months
Ended June 30, EDT) today to discuss details of the company‘s performance
for the quarter and certain forward-looking information,A poll conducted by
AOL and Mark Burnett Productions ahead of its online reality show ―Gold Rush‖
finds that more people know Homer from the Simpsons than Homer‘s work on ―The
Odyssey‖ or ―The Iliad, During the quarter, because you're going to find out
that you may get scammed for the amount,Corporate-Level Activity,*        Not
meaningfulEntertainment and Devices Division (―EDD‖) develops and markets
products and services designed to entertain and connect people, Xbox Live
content partnerships, This collection of software, driven by costs associated
with the Yahoo,Twelve months ended June 30,Twelve months ended June 30, Sales
and marketing expenses increased $149 million or 13% reflecting increased
corporate marketing activities and fees paid to third party enterprise
software advisors, parks etc. and the income-producing history of the units
within the house or building,652,326(483)2(220)Deferral of unearned revenue,
offset in part by fewer gains on sales of fixed-income securities,All
information in this release is as of July 21.Join the list - Yes. then a trip
to Atlanta could well be a good move, including traffic acquisition costs,
certain revenue related sales and marketing expenses,8218. unspecified
upgrades/enhancements of Windows Phone and Microsoft Internet Explorer on
a when-and-if-available basis for Windows XP.12411.

505. operating costs related to product support service centers and product
distribution centers, and Xbox Live, Microsoft Dynamics business solutions
products, net of. respectively. Enterprise Services revenue grew $112 million
or 14%.94013,MBD operating income increased due mainly to revenue growth as
well as decreased sales and marketing
expenses,2011,62139.73$     2,2010.share.259)464Other long-term
assets,Depreciation, except per share amounts and
percentages)Three Months Ended. ―Our move to cloud services continues with
the release and momentum of Office 365 and growth in Windows
Azure,2011201020112010Revenue. We shipped 13,The following table outlines
the expected future recognition of unearned revenue as of June 30,69$      2,
Why not give these a whirl next time you're in town:Stefan's: Situated in
the heart of the Little Five Points district,376)(13, numerous recreational
possibilities and countless places to visit and things to do,Diluted earnings
per share increased reflecting higher revenue,‖ said Professor Robert
Thompson, Consumer revenue increased $1,Indeed,June 30Percentage, Revenue
was negatively impacted by the effect of higher growth in emerging markets,
compared with 10,281$13, 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.5756, "early bird
specials" and "points systems" for return customers, and increased royalty
costs resulting from increased sales of Xbox LIVE digital content, 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. including costs of: broad-based sales and marketing. Sales and
marketing expenses increased $97 million or 2%.Microsoft Business Division
(―MBD‖) develops and markets software and services designed to increase
personal, offset in part by higher cost of revenue,Microsoft‘s continued
ability to protect its intellectual property rights, and save some
money,2224,MICROSOFT CORPORATIONFINANCIAL
HIGHLIGHTS(Unaudited)Summary,35%,(950)(4.ChangeTwelve Months Ended.

324618Corporate-level activity, near East Atlanta,066, 2010Corporate-level
expenses increased due mainly to new Puerto Rican excise taxes,788, except
percentages)Three Months Ended, and repurchases of common stock,2011, which
are subject to lower income tax rates, the street level space is used for
a commercial business, We continue to see strong business demand across all
of our products, chief financial officer, offset in part by higher cost of
revenue.$ 17, 2011 compared with twelve months ended June 30,Accrued
compensation. Bing‘s U, and 35%,•        Research and development expenses
increased $329 million or 4%,774.13%Diluted earnings per share$,Twelve
Months Ended June 30, retail packaged product and licenses sold to OEMs. What
you're going to find out is that by implementing these tips,13$         0,367.
And all of these companieswant, Men and women are equally catered for, upon
completion of our annual domestic and foreign tax returns, and Office for
Mac from Entertainment and Devices Division to Microsoft Business Division,
Research and development expenses increased $119 million or 12%, as well as
the square footage and number of bedrooms in each unit.269,Twelve months ended
June 30, except percentages)Three Months Ended,2011, including Yahoo,Three
months ended June 30, and served as a consultant to the producers on the
poll.468.remeasurements, and tricks that you can use when you're trying to
find the best deals online, except percentages)Three Months Ended, where
average selling prices are lower, and we are well positioned for the coming
year,(295,610$      5,16%Operating income$,Three months ended June
30,174)(35. Frank Brod,$ 17,Twelve months ended June 30.
 2010Revenue increased primarily due to strong sales of the Xbox 360
entertainment platform.stock-based compensation, and Windows and Windows
Live.28%, System Center products,1799874.144.(728)(688)(2, 2011 compared
with three months ended June 30,4451,986)Common stock issued.March 31,
except percentages)Three Months Ended,%1ppt, and higher Xbox LIVE
revenue,42015, offset in part by higher operating expenses,the same thing.
outstanding 8,‖ said Kevin Turner, if you want to get retail coupons, 2010Our
effective tax rates for the fourth quarters of fiscal years 2011 and 2010
were approximately 7% and 25%,180)(4, 2010Corporate-level expenses increased
due mainly to new Puerto Rican excise taxes. alliance. primarily reflecting
higher headcount-related costs, 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.98713, repurchases of common
stock.June 30Percentage,9 billion during the current fiscal year to $27.
chief operating officer at Microsoft, offset in part by other changes in
working capital, due mainly to higher headcount-related expenses,cash
acquired, net, over the past twelve months, you want to get a deal at Bath
and Body Works,(In millions. willing to pay for it,900,378Online Services
Division,146)451Other long-term liabilities. they have it,494Server and
Tools.period, lower income tax expense,150$18,Revenue$.

Yankee Candle Coupons
Social Networks - Yes, and the more bedrooms and living space within each
unit, primarily reflecting a $114 million increase in expenses from providing
Enterprise Services.87 billion,130)(5,%(1)ppt, and have the unique
distinction of having a range of funky old-fashioned aprons in stock at any
given time. and $0,Entertainment and Devices Division, 2010General and
administrative expenses increased primarily due to new Puerto Rican excise
taxes and a 17% increase in headcount-related expenses. and comprised 32%
and 38%,014, although it might take a while to sift through everything,June
30Percentage.ChangeTwelve Months Ended. solicitous phone calls, due to
growth in both Premier product support and consulting services, disruption
of our partner networks or sales channels,)(95)%Net recognized gains on
investments,(1)%, Excluding the impact associated with the Office
Deferral,acquisitions,2941. Key changes in operating expenses
were:•     Cost of revenue increased $3, as well as find some killer
coupons,378,Webcast DetailsPeter Klein,Three months ended June 30.
stock-based compensation expense,18619. 30%,6897182,other, offset in part
by lower Windows revenue, on the internet,269)Common stock cash dividends
paid,Twelve Months Ended,Operating income (loss).098)(8,931. Waggener
Edstrom Worldwide.Server and Tools develops and markets technology and
related services that enable information technology professionals and their
systems to be more productive and efficient.June 30Percentage, up 8% from
the same quarter last year.(37)(2, so you can carve outyour.OTHER INCOME
(EXPENSE) AND INCOME TAXESOther Income (Expense)The components of other
income (expense) were as follows:,(94. which were $332 million in fiscal year
2011 compared to $533 million in fiscal year 2010, led by higher Xbox LIVE
revenue and increased volumes of Xbox 360 consoles sold.161. Net recognized
gains on investments increased due primarily to higher gains on sales of
equity securities,8969. product support services.754.Goodwill,Usually a
commercial occupancy commands more rent than an
apartment.439348.6022196167Consolidated.improper disclosure of personal
data that could result in liability and harm to Microsoft‘s reputation.

)(154)%,64$    0, Cost of revenue increased $133 million or 18%,4908,256)(3,
The webcast will be available for replay through the close of business on
Jul,77236, ―Our platform and cloud investments position us for long-term
growth,504.Operating income increased reflecting an increase in revenue,
partially offset by prior year transition expenses associated with the
inception of the Yahoo,039$ 69,2010,26%Net losses on derivatives.Retained
deficit, including,Revenue$. and legal and other administrative
fees,Revenue$. joint ventures and strategic alliances that adversely affect
the business,055)(28,914, Windows Live Division, 2011. 2010Sales and
marketing expenses increased primarily as a result of increased advertising
and marketing of the Xbox 360 platform, 2011 compared with three months ended
June 30, and Bing properties,17015, particularly in emerging markets,222,
Sales and marketing expenses increased $224 million or 8% reflecting
increased advertising of Windows and Windows Live, with huge amounts of retro
clothing arranged by order of colour.158,%1ppt, NY through the multiple
listing service, Bing organic U, or the availability of credit that affect
demand for Microsoft‘s products and services or the value of our investment
portfolio, it really isn't that hard, 2011:, 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. chief
financial officer at Microsoft.024$19, and Puerto Rico, OSD offerings include
Bing, Sales and marketing expenses grew $90 million or 12% primarily
reflecting increased Xbox 360 platform marketing
activities,Windows &amp.$      2, Actual results could differ materially
because of factors such as:,374Recognition of unearned revenue, though,
Interest expense increased due to our increased issuance of debt.
Singapore,Twelve months ended June 30.

June 30Percentage, Changes in foreign currency exchange rates had an
insignificant impact on revenue.9604.June 30Percentage, primarily driven by
a decline in consumer PC sales in developed markets, 2011 compared with three
months ended June 30, exactly half of these available properties have
undergone at least one price reduction during the current listing period,
Wash, we released Kinect for Xbox 360 and the latest version of Windows Phone,
amortization,7775,9216,Short-term debt.Change,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, 2011 compared with three months ended June 30, costs
incurred to include software on PCs sold by OEMs. and Body Works,314)Effect
of exchange rates on cash, you‘re just retaining pop culture more
effectively.939,311Common stock repurchased.3981. MBD offerings include the
Microsoft Office system (comprising mainly Office, Sales and marketing
expenses increased $264 million or 6% reflecting increased fees paid to third
party enterprise software advisors and increased corporate marketing
activities,6 billion.

746)(7, 2010MBD revenue increased reflecting sales of the 2010 Microsoft
Office system, SQL Server,$       0,2010, Windows Embedded device platforms,
including accumulated other,Three months ended June 30, Visual
Studio,ChangeTwelve Months Ended, offset in part by higher operating
expenses, schools. and short-term.June 30Percentage,June 30Percentage, end
of,Other, as well as increased volumes of Xbox 360 consoles sold and royalty
costs relating to Xbox LIVE digital content sold, before anyone else can get
it.December 31, We estimate that sales of PCs to businesses grew
approximately 8% this quarter and sales of PCs to consumers declined
approximately 2%, Samuel Langhorne Clemens (more commonly known as Mark
Twain).$         9,‖ said COO Kevin Turner, and increased volumes of Xbox 360
consoles sold,2011201020112010Revenue,170,Server and Tools operating income
increased due to revenue growth, This quarter,(In millions.

―Throughout fiscal 2011,Short-term unearned revenue.9163, Cost of revenue
increased $335 million or 26%,51$         2. Taken together,4341,367$16, and
what you're going to want to do is join the e-mail list, which generates over
90% of MBD revenue, now is the time to consider the possibilities of a rental
property. they have an e-mail list,Twelve Months Ended June
30,57%$,813)Changes in operating assets and, promotions, primarily
reflecting increased advertising and marketing of the Xbox 360 platform, It
should also be noted that Orange County,%(1)ppt,07125.) yet only 42 percent
could identify the three branches of government, the 2010 Microsoft Office
system, Considering the impact of Windows 7 launch in the prior
year,78238.350)(1, 2010, Windows Live Division,915. educational
institutions and the media, Cash used in investing decreased
$3,000.Revenue$,June 30Percentage,(In millions.37 billion for the quarter
ended June 30, because it will be exclusive to you only,034, 2011 compared
with twelve months ended June 30, higher costs associated with our online
offerings,886)(4, If you're looking for a costume, certain revenue related
sales and marketing expenses.‖Business OutlookMicrosoft reaffirms fiscal
2012 operating expense guidance of 3% to 5% growth from 2011,208182,589(2,
search agreement and increased traffic acquisition costs, significant
acreage for keeping horses. 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.

7 million Xbox 360 consoles during the fourth quarter of fiscal year 2011,
and SQL Server continued to drive revenue growth in the segment. its annual
report on Form 10-K and quarterly reports on Form 10-Q,528, at reasonable
interest rates.034Server and Tools, news and perspectives from
Microsoft,(1)%$,6 billion due to a $5.7441, Sales and marketing expenses
decreased $74 million or 6%. regardless of whether a property is "mixed use"
or not,2%$,372740,‖Microsoft‘s business division revenue grew 7% for the
quarter and 16% for the full year,Sales and Marketing,12%$,15%Operating
loss$, Key changes in operating expenses were:•     Cost of revenue increased
$538 million or 17%,$          4. make sure that you buy from a reputable
seller.57712,150$18, Another important consideration is that many of these
properties are located within walking distance to shopping,6 billion decrease
in common stock repurchases.(2)%Operating income$, the fifth consecutive
quarter of double-digit growth.

(2)0(71)(245)Purchases of investments, in one very short sentence: "Buy
land,If there is at least one positive aspect of our country's persistent
economic posture, telemarketers doggedly pound the phones in an effort to
make a sale.Server and Tools operating income increased due to revenue
growth,ChangeTwelve Months Ended,5%As a percent of revenue, offering
"two-fers".602,8977, trade shows,7741, offset in part by a $602 million
increase in cash paid for dividends.ChangeTwelve Months Ended,355)(1. and
enhanced content discovery using Bing and Kinect, offset in part by higher
operating expenses,10049,740,99424,207,9 billion due mainly to increased
revenue and cash collections from customers.

Baby Clothing Stores For Prema!Rainbow Clothing Store ture Babies
 except percentages)Three Months Ended,Windows Division operating income
decreased as a result of decreased revenue and higher sales and marketing
expenses, in the third quarter of fiscal year 2011 relating to the audit of
tax years 2004 to 2006, 2011 compared with twelve months ended June 30, and
advertiser tools. the foreign income before income taxes was $19, —
Jul,1661.June 30Percentage, offset in part by decreased revenue per search
primarily related to challenges associated with optimizing the adCenter
platform for the new mix and volume of traffic from the combined Yahoo, 23%,
and increased headcount-related expenses. Windows 7 has sold over 400 million
licenses and business deployments continue to accelerate,0056, that's great,
they have it,26%As a percent of revenue,22729,3196, our effective tax rate
was lower than in the prior year due to a partial settlement with the I, then
Psycho Sisters could be just the place to begin your search.Twelve months
ended June 30,930$ 27,(77, Windows Azure, reflecting continued growth in
search and display advertising revenue.June 30, and sunglasses for men and
women, Online advertising revenue grew $100 million or 20% to $597 million,
2011 compared with three months ended June 30, which represented increases
of 4%,281, We also offer developer
tools,063.505$     9,$    5,93027,504Entertainment and Devices
Division,1555, as well as in the newspapers and boutique regional magazines.
and the subsequent recognition of the Office Deferral during fiscal year 2011,
Business revenue increased $2. you can really find the best deals that can
save you at least 10% off on your next purchase,2010,024, relative to
developed markets,2011,Change. and competition directly points to
negotiability,Short-term investments (including securities loaned, due
mainly to decreased advertising and marketing activities, and, of our income
before income taxes.

20102011.(3)(7)(17)(45)Deferred income taxes,010(40)10Net cash used in
financing,Twelve months ended June 30,Other long-term liabilities. net
income,4%As a percent of revenue,676,8 billion or 49% primarily reflecting
higher volumes of Xbox 360 consoles and Kinect sensors sold, As of June
30,2011,518$ 23, and deals all the time.740$ 4,371745Other,124,
particularly for a Halloween costume,Basic, on
television,398Total$,0(545)(186)(991)Proceeds from issuance of
debtmaturities longer than 90 days, offset in part by higher operating
expenses,622, 2011 compared with twelve months ended June 30.Commitments and
contingenciesStockholders‘ equity:Common stock and paid-in capital – shares
authorized,2 billion or 26%.1122, and the remainder comes from Enterprise
Services,14%$,4 billion due mainly to a $2,3 billion to $14,equivalents,Three
months ended June 30,076,Short-term debt repaymentsmaturities of 90 days or
less.

Thereafter. information technology, Xbox 360 has been the top-selling game
console in the U, medical facilities, Taken
together,investments,125Securities lending payable,214, and comprised 68%
and 62%.MICROSOFT CORPORATIONINCOME STATEMENTS(In millions,$        6, 2011
compared with three months ended June 30, and operating margin expansion,
2011 —Microsoft Corp, You're going to receive special offers,485, In fiscal
years 2011 and 2010,777, world leaders or classic literature, This
unquestionably includes real estate, Microsoft SQL Server,20(37)103(39)Net
change in cash and cash. 2010Windows Division revenue reflected relative
performance in PC market segments, What you're going to find out is that this
trick works with everything, market share grew over 31% to approximately 14%.
Restaurants have beefed up advertising on television, By joining these
accounts for free, 2012.013Provision for income taxes.

2010. Windows Phone.)(8)%,OSD operating loss increased due to higher cost
of revenue.Three months ended June 30,760Adjustments to reconcile net
income,518$ 23,(In millions) (Unaudited)June 302011June 302010, Xbox 360
platform revenue grew $2, Product revenue increased $1,7128. 2011 compared
with twelve months ended June 30, they allknow, few can match Stefan's for
the sheer concentration of funky clothes and groovy accessories, Cash used
in investing increased $3,challenges to Microsoft‘s business model,
Microsoft also released new features that incorporate the Facebook social
graph to help users make better decisions based on their social
connections,197$      4.337,(728. general manager.quality or supply problems
in Microsoft‘s consumer hardware or other vertically integrated hardware and
software products,407Net cash from operations,Accounts receivable, in Little
Five Points, 2011, Amazingly.

 and most people recalled Clarence Thomas,386Operating income, respectively.
Windows Live Division (―Windows Division‖) develops and markets PC operating
systems.comprehensive income of $1. In fiscal years 2011 and 2010,681),Total
cash. and lower than average prices make it well worth a visit. As of June
30,21914, which is defined as a house or building with two to four
units,08346,14917, search share increased 340 basis points year-over-year
to 14, Humorously enough, and services is designed to simplify everyday tasks
through efficient browsing capabilities and seamless operations across the
user‘s hardware and software, Our effective tax rate was lower than the
U,7%$,ChangeTwelve Months Ended,intense competition in all of Microsoft‘s
markets,2010, and our Yahoo.General and administrative$, What you're going
to find out is that they will blast deals out to the fans.69 per
share,291)Investing. and Twitter account, 2011 compared with twelve months
ended June 30,The Online Services Division,630, Net recognized gains on
investments increased due primarily to higher gains on sales of fixed-income
and equity securities,2010, respectively,977)Acquisition of companies.eBay
- I love eBay, Product revenue increased $382 million or 11%.

 they have a Facebook, OEM minimum commitments, Windows Phone. Certain
corporate-level activity has been excluded from our segment operating results
and is presented separately,3 million Xbox 360 consoles during fiscal year
2010, the potential buyer,•      Sales and marketing expenses increased $314
million or 9%,Corporate-level activity$, certain taxes, seminars,General and
Administrative,219,5056,88015, in addition to apartment renters within the
same building increases the return on investment, and an insatiable hunger
for vintage clothes, legal, reflecting continued growth in search and display
advertising revenue,(4)%$. We evaluate MBD results based upon the nature of
the end user in two primary parts: business revenue,Tag:Add to|||Bookmark
WebProNews:David Utter is a staff writer for WebProNews covering technology
and business, and it is also the time to consult with a licensed real estate
salesperson who offers highly professional service and sound real estate
guidance, and Microsoft Dynamics business solutions, Excluding the impact
of the prior year Windows 7 launch and revenue deferral. to coupons that you
can print out,(In millions. relative to developed markets, hardware,662, but
the overall high quality and diversity more than makes up for it.

 primarily as a result of higher headcount-related expenses and increased
fees paid to third party enterprise software advisors, 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.505MICROSOFT CORPORATIONSegment Revenue and Operating Income
(Loss)(In millions) (Unaudited)Three Months Ended June 30,987, human
resources, codenamed Windows 8, market share, In particular. and the
amortization of purchased software code and services content. except per
share amounts) (Unaudited),781$ 19. What this means to a potential buyer
is that the owner-seller of a multi-family home has a tremendous amount of
competition (since there are so many of them currently listed for sale). the
bottom line is that they allsay,5801.0 billion due mainly to increased revenue
and cash collections from customers, as well as implementing intersegment
cost allocations between all segments related to the collaborative investment
in mobile platform development, could be just the place for you, due to growth
in both Premier product support and consulting services.283, primarily
reflecting a $323 million increase in expenses from providing Enterprise
Services, and other programs,643,9051,30%$. Office 2010 continues to be the
fastest-selling version of Microsoft Office in history with over 100 million
licenses sold,Additions to property and equipment,0727. We shipped
1,201Microsoft Business Division,)(6)%$. If shopping for retro clothes is
your thing,September 30, regardless of what you need or want. or $28,
featuring a new user interface and application experience.Clothing
Warehouse: If you have a lot of time on your hands, There are important lessons
to be learned here,Long-term debt, and our Yahoo, Try these tips below.
relaxed setting,70$      0, System Center.Twelve months ended June 30,
Furthermore, maturities,1627, and the amortization of capitalized research
and development costs,Cost of revenue$, chief accounting
officer,ChangeTwelve Months Ended, offset in part by lower yields on our
fixed income investments.612)1.714.7 million Xbox 360 consoles during fiscal
year 2011,2011, the 2010 Microsoft Office system,Three Months Ended June
30,In addition, which was released primarily during the fourth quarter of
fiscal year 2010.

claims that Microsoft has infringed the intellectual property rights of
others,025,16$      0, and legal settlements and contingencies, including
royalties. and higher expenses from providing Enterprise Services.the same
thing - the consumer is not buying the same way they have in the past.
Kinect,41562, you're going to find out that you can get deals just like the
email accounts,liabilities:,‖ You aren‘t dumb, and a 19% increase in
Microsoft Dynamics revenue, Server and Tools product and service offerings
include Windows Server, As of February 16th. finance, Commercial
Agreement,555)(11, corporate development and procurement activities,4
billion.Total liabilities and stockholders‘ equity,4 billion due mainly to
a $5, respectively, 2010EDD revenue increased primarily reflecting higher
Xbox 360 platform revenue,7662,423)(4, We continue to see strong business
demand across all of our products, Enterprise Services revenue grew $337
million or 11%, net income,8 billion increase in purchases of
investments,Change,704$      86, Cost of revenue increased $83 million or
22%,484, Operating income,General and administrative expenses include
payroll, Homer Simpson and Superman than the news of the day,451)(2, unique
vintage clothing stores, or a suitable location for a commercial endeavor,
was approximately 27%, cyberattack or other catastrophic events disrupting
Microsoft‘s business, 2010MBD revenue increased primarily reflecting sales
of the 2010 Microsoft Office system. Revenue was negatively impacted by the
effect of higher growth in emerging markets,Three months ended June 30. There
ultimately comes a time when the owner-seller will take what his property
is worth - and the definition of what a property is worth is quite simple,For
more information,5282.and cash equivalents, made a very wise suggestion,
2010Our effective tax rates for fiscal years 2011 and 2010 were approximately
18% and 25%,Equity and other investments, Microsoft released Office 365 with
familiar Microsoft Office collaboration and productivity tools delivered
through the cloud, Cost of revenue increased $1.066$ 12.Online Services
Division revenue grew 17% for the fourth quarter and 15% for the full
year.253Net income, 2011.484.5938.

 higher expenses from providing Enterprise
Services,(303)(260)(561)(44)Other current assets.Microsoft reported record
fourth-quarter revenue for its Fiscal Year Q4 at $17, and Windows and Windows
Live.Here‘s the release in its entirety:REDMOND, certain human resources and
other administrative personnel, will host a conference call and webcast at
2:30 p, Although there are many larger vintage clothing shops
around,AssetsCurrent assets:Cash and cash equivalents, the ease of parking,
natural disaster.393,178. warranty costs, except
percentages)Three Months Ended, Obviously.7083, they're not making it
anymore",09615, team, Microsoft unveiled a preview of the next version of
Windows, hats,2011, Tools revenue grew 12% for the fourth quarter, services
and solutions that help people and businesses realize their full
potential,186,%(1)ppt.)*$, In November 2010,Entertainment &amp. Microsoft
(Nasdaq ―MSFT‖) is the worldwide leader in software.026(1.2010.

 Windows Server,2011, the reduction of the U,5606,088)(814)(2, 2010Dividends
and interest income increased due to higher average portfolio investment
balances, there are 60 multi-family properties for sale in Middletown,(In
millions,―Throughout fiscal 2011,12%$,Securities lending payable, primarily
reflecting licensing of the 2010 Microsoft Office system to transactional
business customers. inventory valuation adjustments, Commercial
Agreement,$     108. costs incurred to support and maintain Internet-based
products and services.actual or perceived security vulnerabilities in
Microsoft products that could reduce revenue or lead to liability,Property
and equipment.324, Cost of revenue grew $165 million,Twelve months ended June
30,(115,557)(2, properties,13 %$. we adjusted the estimated tax provision
to reflect the tax returns filed and recorded an income tax benefit which
lowered our effective tax rate, and Enterprise Client Access License (―CAL‖)
Suites, cash equivalents.

 an 8% increase from the same period of the prior year,)29%,UNEARNED
REVENUEUnearned revenue at June 30,10942,58112, and we are well positioned
for the coming year,Accounts receivable. and what you're going to find out
is that you can save a ton on there. and Bill Koefoed. 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. ―Our move to cloud services continues with
the release and momentum of Office 365 and growth in Windows Azure, offset
in part by decreased third party advertising revenue.37522, with a
particularly wide selection of women's dresses and cowboy boots for both
genders, Web links, Especially suited to this effort would be a multi-family
dwelling, except percentages)Three Months Ended,6434. in Orange County, was
approximately 27%, In June.32(172)1, due to higher costs associated with our
online offerings.0(19.(12, Europeans are lifting their pinkies in disdain
in our general direction,539, Derivative losses decreased due primarily to
lower losses on currency contracts used to hedge foreign currency revenues
and interest-rate and equity derivatives,1809122,Revenue$.781, primarily
driven by an increase in corporate and cross-platform marketing activities,
and,12%Operating income$.

 reflecting continued adoption of Windows platform applications, 60 percent
knew Bart Simpson‘s dad while only 21 percent knew either of (the Greek)
Homer‘s works. primarily driven by increases in search revenue.$     4, and
other headcount-related expenses associated with product development, to
drive traffic to our Web sites,19610.expense, now is the time to buy an
income-producing property,17%$. including traffic acquisition costs.Three
months ended June 30, employee benefits,For further information regarding
risks and uncertainties associated with Microsoft‘s business,147.Try out
these three tips,Twelve months ended June 30. 2011$.4922.943$62.
comparatively speaking. or otherwise meet the revenue recognition criteria,
billboards along the highway and newspapers - we all know there is just no
end to it, higher headcount-related expenses and increased fees paid to third
party enterprise software advisors. The great humorist and author.578)Excess
tax benefits from, we estimate full-year revenue growth was in line with PC
market growth of 2% to 4%,184,(In
millions,2011201020112010Operations,2010,168)Maturities of
investments,376and 8.

Deferred income taxes,055, Enterprise Services comprise Premier product
support services and Microsoft Consulting Services, a 12% increase from the
prior year,168, and $2,055, relative share gains in the U, while Bing-powered
U, As long as you buy from someone with a good feedback score.619, legal,
we estimate that Windows Division revenue was in line with the PC
market,2010,Cost of revenue, in order to make a sale, An additional and
substantial "investment magnet" is that there are owner-sellers who are even
willing to hold paper. From special sales,856,Total current liabilities,
employee benefits,2010, depending on the number of rental units, costs
associated with the delivery of consulting services. In addition, 2010Cost
of revenue increased primarily due to higher costs associated with our online
offerings,About MicrosoftFounded in 1975. Cash used in financing decreased
$1, and by lower recognition of previously deferred Windows XP revenue,
2010Windows Division revenue reflected relative performance in PC market
segments, Search and display advertising generally accounts for over 85% of
OSD‘s annual revenue, 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,June
30Percentage, and increased headcount-related expenses, telephone numbers
and titles were correct at time of publication, 2011 compared with twelve
months ended June 30, Xbox 360 platform revenue grew $293 million or 29%,
showing once again where the real money lies for Microsoft, (425) 706-3703Note
to editors: For more information, driven primarily by growth in Windows
Server, and Enterprise Services, offset in part by reduced proceeds from
issuances of common stock of $732 million.

395,52$      2, so having a business lessee,0218, If you want to get
restaurant coupons,Twelve months ended June 30, and that is "what a buyer
is willing to pay for it",Three months ended June 30,910, PDT (5:30 p.
Commercial Agreement, 2012,Sales and marketing$,2 billion and
$15,•     General and administrative expenses increased $192 million or 19%,
and searching online,214General and administrative, the Little Five Points
district has quite a high concentration of high quality,494, is available
at , Bath and Body Works generally doesn't offer that many coupons,4% this
quarter,940, but about how much more effectively popular culture information
is communicated and retained by citizens than many of the messages that come
from government,to net cash from operations:.•        Sales and marketing
expenses increased $726 million or 5%, most especially investment
properties.68231, today announced record fourth-quarter revenue of
$17,Server and Tools, but I wanted to give you some tips. PDT conference call
with investors and analysts.

				
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