Microsoft reports lower than expected earnings in fourth quarter
Microsoft reported lower than expected earnings on Thursday for the fourth quarter of its 2013 fiscal year, including a $900M charge for its unsold Surface RT tablet inventory. The company reported quarterly revenue of $19.90 billion for the quarter ended June 30, 2013. Operating income, net income, and diluted earnings per share for the quarter were $6.07 billion, $4.97 billion, and $0.59 per share.
Wall Street had estimated earnings of 75 cents per share, on average, according to Thomson Reuters I/B/E/S, and the Surface write off alone accounted for lowering diluted earnings by 7 cents a share.