Recession: Microsoft's revenue drops 6 pc

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Microsoft
San Francisco, Apr 24: For the first time in 23 years since it went public, internet giant Microsoft reported a dip in quarterly revenues on Thursday, Apr 23.

Seattle-based Microsoft announced that its revenues dropped 6 pc to $13.7 billion, compared to the year-ago quarter. Profits of $3 billion represented a 32-per cent drop from the $4.4 billion it earned in the same period last year.

Low consumer spending hit the company hard and of its Windows operating system were down for only the second time in history. Microsoft chief financial officer Chris Liddell said in a statement on Thursday, Apr 23, "we expect the weakness to continue through at least the next quarter."

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