
Microsoftが今日(米国時間4/23)、同社の第三四半期の決算を発表した。売上は6%ダウンして$13.65B(136億5000万ドル)、純利益は大きく32%もダウンして$2.98B(29億8000万ドル)(EPSは33セント)。アナリストたちの多数意見は、売上が140億ドル弱、non-GAAP EPSが39セントだった。Microsoftはコスト削減努力によって、その線になんとか到達したが、しかしそれでも、あまりいい気分ではないだろう。
同社は全般的に経済低迷の影響を受け、中でもPCの需要の鈍化とサーバの不調が痛かった。クライアント事業(Windows)の売上は15.6%ダウンの$3.40B(34億ドル)だった。サーバとツール事業がいちばん好調で、売上は7%アップの$3.47B(34億7000万ドル)、サーバとツール事業がクライアント事業を上回ったのは、これが初めてだと思う。オンライン事業は14.5%ダウンで$721M(7億2100万ドル)の売上、その損失は倍増して$575M(5億7500万ドル)だった。
オンライン事業のうち、 広告収入は16%のダウン、これは主にディスプレイ広告を値下げしたからだ。明るい材料としては、Microsoftのサイトにおけるページビューと検索クェリは共に増加した。

この四半期でゲーム専用機Xbox360は170万台売れた(30%増)が、エンタテイメントとデバイス事業は横ばいの$1.57B(15億7000万ドル)だった。ただし、$31M(3100万ドル)の損失を計上している。
この四半期の営業獲得現金は$6B(60億ドル)で、前年同期比$1B(10億ドル)の減少。ただし、今四半期の貸借対照表上の現金額は$25.3B(253億ドル)である。
以下が、決算書と損益計算書の内訳である:
[以下、英文ママ]
MICROSOFT CORPORATION
Segment Revenue and Operating Income (Loss)
(In millions) (Unaudited)
|
Three Months Ended
March 31, |
Nine Months Ended
March 31, |
| |
2009 |
2008 |
|
2009 |
2008 |
|
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Client |
$3,404 |
$4,033 |
|
$11,604 |
$12,506 |
|
| Server and Tools |
3,467 |
3,238 |
|
10,616 |
9,381 |
|
| Online Services Business |
721 |
843 |
|
2,357 |
2,377 |
|
| Microsoft Business Division |
4,505 |
4,731 |
|
14,330 |
13,663 |
|
| Entertainment and Devices Division |
1,567 |
1,592 |
|
6,564 |
6,616 |
|
| Unallocated and other |
(16) |
17 |
|
(133) |
40 |
|
|
|
|
|
|
|
|
| Consolidated |
$13,648 |
$14,454 |
|
$45,338 |
$44,583 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Client |
$2,514 |
$3,115 |
|
$8,689 |
$9,855 |
|
| Server and Tools |
1,344 |
1,080 |
|
3,978 |
3,170 |
|
| Online Services Business |
(575) |
(226) |
|
(1,521) |
(737) |
|
| Microsoft Business Division |
2,877 |
3,127 |
|
9,325 |
9,010 |
|
| Entertainment and Devices Division |
(31) |
106 |
|
299 |
668 |
|
| Corporate-level activity |
(1,691) |
(2,912) |
|
(4,394) |
(5,374) |
|
|
|
|
|
|
|
|
| Consolidated |
$4,438 |
$4,290 |
|
$16,376 |
$16,592 |
|
|
|
|
|
|
|
|

And here is the main income statement and balance sheet:
MICROSOFT CORPORATION
INCOME STATEMENTS
(In millions, except per share amounts) (Unaudited)
|
Three Months Ended
March 31, |
Nine Months Ended
March 31, |
| |
2009 |
2008 |
|
2009 |
2008 |
|
|
| Revenue |
$13,648 |
$14,454 |
|
$45,338 |
$44,583 |
|
| Operating Expenses: |
|
|
|
|
|
|
|
|
2,814 |
2,514 |
|
9,569 |
8,732 |
|
|
|
2,212 |
2,035 |
|
6,785 |
5,757 |
|
|
|
2,981 |
3,274 |
|
9,687 |
9,377 |
|
|
General and administrative |
|
913 |
2,341 |
|
2,631 |
4,125 |
|
|
|
290 |
- |
|
290 |
- |
|
|
|
|
|
|
|
|
|
|
9,210 |
10,164 |
|
28,962 |
27,991 |
|
|
|
|
|
|
|
|
| Operating income |
4,438 |
4,290 |
|
16,376 |
16,592 |
|
| Other income (expense) |
(388) |
520 |
|
(697) |
1,254 |
|
|
|
|
|
|
|
|
| Income before income taxes |
4,050 |
4,810 |
|
15,679 |
17,846 |
|
| Provision for income taxes |
1,073 |
422 |
|
4,155 |
4,462 |
|
|
|
|
|
|
|
|
| Net income |
$2,977 |
$4,388 |
|
$11,524 |
$13,384 |
|
|
|
|
|
|
|
|
| Earnings per share: |
|
|
|
|
|
|
|
|
$0.33 |
$0.47 |
|
$1.29 |
$1.43 |
|
|
|
|
|
|
|
|
|
|
$0.33 |
$0.47 |
|
$1.28 |
$1.41 |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
8,891 |
9,307 |
|
8,960 |
9,349 |
|
|
|
|
|
|
|
|
|
|
8,904 |
9,428 |
|
9,008 |
9,492 |
|
|
|
|
|
|
|
|
| Cash dividends declared per common share |
$0.13 |
$0.11 |
|
$0.39 |
$0.33 |
|
|
|
|
|
|
|
|
MICROSOFT CORPORATION
BALANCE SHEETS
(In millions)
|
|
|
| |
|
|
|
March 31, 2009 |
June 30, 2008 (1) |
|
|
| |
|
|
|
(Unaudited) |
|
|
| Assets |
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
$7,285 |
$10,339 |
|
|
Short-term investments (including securities pledged as collateral of $1,445 and $2,491) |
|
|
|
|
18,055 |
13,323 |
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments |
|
|
|
|
25,340 |
23,662 |
|
| Accounts receivable, net of allowance for doubtful accounts of $242 and $153 |
|
|
|
9,182 |
13,589 |
|
| Inventories |
|
|
|
657 |
985 |
|
| Deferred income taxes |
|
|
|
1,926 |
2,017 |
|
| Other |
|
|
|
3,619 |
2,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
40,724 |
43,242 |
|
| Property and equipment, net of accumulated depreciation of $7,236 and $6,302 |
|
|
|
7,112 |
6,242 |
|
| Equity and other investments |
|
|
|
4,112 |
6,588 |
|
| Goodwill |
|
|
|
12,554 |
12,108 |
|
| Intangible assets, net |
|
|
|
1,756 |
1,973 |
|
| Deferred income taxes |
|
|
|
956 |
949 |
|
| Other long-term assets |
|
|
|
1,639 |
1,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$68,853 |
$72,793 |
|
|
|
|
|
|
|
|
| Liabilities and stockholders’ equity |
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
$3,017 |
$4,034 |
|
|
|
|
|
|
1,999 |
- |
|
|
|
|
|
|
2,644 |
2,934 |
|
|
|
|
|
|
773 |
3,248 |
|
|
Short-term unearned revenue |
|
|
|
|
10,924 |
13,397 |
|
|
Securities lending payable |
|
|
|
|
1,533 |
2,614 |
|
|
|
|
|
|
2,933 |
3,659 |
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
|
|
23,823 |
29,886 |
|
| Long-term unearned revenue |
|
|
|
1,388 |
1,900 |
|
| Other long-term liabilities |
|
|
|
6,699 |
4,721 |
|
| Commitments and contingencies |
|
|
|
|
|
|
| Stockholders’ equity: |
|
|
|
|
|
|
| Common stock and paid-in capital – shares authorized 24,000; outstanding 8,898 and 9,151 |
|
|
|
61,896 |
62,849 |
|
| Retained deficit, including accumulated other comprehensive income of $726 and $1,140 |
|
|
|
(24,953) |
(26,563) |
|
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
|
|
|
36,943 |
36,286 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
|
|
|
$68,853 |
$72,793 |
|
|
|
|
|
|
|
|
(1) 監査済みの損益計算書より。
[原文へ]
(翻訳:hiwa)