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Microsoft Reports Fourth Quarter Earnings

Strong Customer Adoption of Server Products Drives Fourth Quarter Revenue; Achieves Double Digit Revenue Growth in Each Business Segment in Fiscal Year 2003

Microsoft Corp. today announced revenue of $8.07 billion for the quarter ended June 30, 2003, an 11 percent increase over revenue of $7.25 billion for the same period in the prior year. Operating income for the fourth quarter came in at $2.19 billion, which included charges of $796 million primarily related to the settlement of the AOL Time Warner lawsuit. This is compared to operating income of $2.87 billion reported in the prior year period. Net income for the quarter was $1.92 billion, including $533 million in after-tax settlement charges, compared to $1.53 billion reported in the previous year, which included an after-tax charge for investment impairments of $806 million. Diluted earnings per share for the June 2003 quarter were $0.18, including an after-tax charge of $0.05 associated with the legal settlements. The prior year's diluted earnings per share were $0.14, including an after-tax investment impairment charge of $0.07.

"In fiscal year 2003, we reported double digit revenue growth in each of our businesses. In the fourth quarter, sales came in better than expected reflecting solid corporate and consumer demand for our products," said John Connors, chief financial officer at Microsoft. "Going into the new year, we will continue to focus on providing better customer value, growing opportunities with small and medium businesses, increasing our enterprise penetration and improving performance in our emerging businesses."

View: Full Press Release

News source: Microsoft PressPass

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