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Market Update : 
Microsoft Drops $32 B in Value
Author: 123jump.com Staff
123jump.com
Last Update: 5:37 PM EDT April 28 2006


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Microsoft stock dropped 11.4% as the company missed earnings forecast and guided lower earnings for the fiscal year. The company plans to spend close to $2 billion in chasing Yahoo and Google to energize its search and AdCenter business and gaming console business. The company has bought back $5 billion of its own shares in the reported quarter and plans to spend another $6.5 billion in the current quarter to purchase its own stock.

 
Microsoft indicated in the conference call that cost of distributing Xbox, R&D cost in developing Office Live products and search and related technologies may dampen the earnings for several quarters to come. During the question and answer session the company did not dispute the assertion by Goldman Sachs analyst Rick Sherlund that the total cost of creating a ‘mini-Yahoo’ or ‘mini-Google’ may reach as high as $1.7 billion. Microsoft lost $32 billion in market on trading volume of 590 million shares largest trading volume for a single stock in history.

Five-page summary of the conference calls with question and answer section is in the Earnings Call section of this site.
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