Newsgroup: it.economia.borsa
Titolo: MICROSOFT (very long)

 Results Driven by Strong Customer Adoption of Windows XP,
Office XP and .NET Enterprise Servers
REDMOND, Wash., Oct. 17 /PRNewswire-FirstCall/ -- Microsoft Corp. (Nasdaq:
MSFT) today announced revenue of $7.75 billion for the quarter ended Sept.
30, 2002, a 26 percent increase over revenue of $6.13 billion for the same
quarter last year. Operating income for the first quarter was $4.05 billion,
compared to $2.90 billion in the same period last year. Net income and
diluted earnings per share for the first quarter of fiscal year 2003 were
$2.73 billion and $0.50, which included an after-tax charge for investment
impairments of $291 million or $0.05. For the same period of the previous
year, net income and diluted earnings per share were $1.28 billion and
$0.23, which included an after-tax charge for investment impairments of
$1.22 billion. (Photo:
http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
 )
"Results for the first quarter were exceptionally strong, exceeding our
expectations. During the quarter, we saw broader customer adoption of our
licensing programs than we anticipated, as customers recognized the value of
entering into long-term licensing agreements for our products. This strength
in licensing led to solid growth for Windows(R) XP, Office XP and .NET
Enterprise Servers," said John Connors, chief financial officer at
Microsoft. "Consistent with our view at the outset of this year, the global
economic outlook continues to be uncertain, however we remain committed to
making the investments necessary to drive long-term product innovation and
customer value across our businesses."
Robust sales of the Windows XP operating system drove Client revenue growth
of 33 percent, with the business version of Windows accounting for 63
percent of all operating systems sales. Since its launch on Oct. 25, 2001,
over 67 million copies of Windows XP have been sold by computer
manufacturers on new personal computers and by retailers. During the quarter
Microsoft demonstrated its commitment to making Windows XP the platform for
innovation with the roll-out of Service Pack 1, containing important
security enhancements. Also announced was the new Windows Media(TM) 9
Series, which will power the next wave of digital media experiences.
Information Worker turned in healthy revenue growth of 26 percent,
reflecting customer adoption of Microsoft Office XP through multi-year
licensing programs. Customers acquiring Office this quarter included
ChevronTexaco, Lockheed Martin, MetLife, Newell Company (Rubbermaid) and the
US Department of the Army, Program Executive Office, Aviation.
Revenues from Server Platforms grew 14 percent in the first quarter, driven
by superior performances across a breadth of server products including the
Windows 2000 Server and Microsoft(R) SQL Server(TM) 2000 family of products.
As in recent quarters, customers purchased an increasing number of servers
through multi-year licensing programs. Customers purchasing Microsoft
servers this quarter included American Family Life Assurance Company
(AFLAC), Bayer Corporation, ChevronTexaco Information Technology Company and
Unisys Corporation. Windows 2000 Server revenue growth was fueled by the
combination of strong volume licensing sales and continued market share
gains by Intel(R)- based server hardware over proprietary Unix products.
Further, early excitement for the upcoming launch of Windows .NET Server
2003 continued to build, as over 200,000 customers signed up for the product
through the Customer Preview Program in the first 60 days of the program's
availability. SQL Server 2000 continued to gain market share, driven in part
by increasing demand for SQL Server Enterprise Edition. The enterprise
edition experienced 51 percent revenue growth during the quarter, reflecting
acceptance of SQL Server for use in the most demanding enterprise
environments.
For the quarter, MSN(R) saw significant revenue growth of 23 percent
excluding Expedia in the prior period, driven by strong advertising sales
and increased end-user subscriptions. To kick off the upcoming holiday
season, MSN 8 launches on Oct. 24, 2002, and will offer the best online
experience for consumers to date, including the most compelling
communication tools and advanced parental controls. November brings the
highly anticipated U.S. launch of Xbox Live, which will allow gamers to take
full advantage of the built-in power of the Xbox, while demonstrating the
ground-breaking advances Microsoft has made in interactive gaming. Over the
next few months, a variety of innovative computing devices, such as Tablet
PC, Windows XP Media Center Edition and the Windows Powered Smartphone 2002,
will be introduced in conjunction with OEM partners to further broaden
retail offerings. Business Outlook
Management offers the following guidance for the quarter ending Dec. 31,
2002:
    -- Revenue is expected to be in the range of $8.5 billion and $8.6
       billion.
    -- Operating income is expected to be in the range of $3.2 billion and
       $3.3 billion.
    -- Diluted earnings per share is expected to be either $0.45 or $0.46.
Management offers the following guidance for the full fiscal year ending
June 30, 2003:
    -- Revenue is expected to be in the range of $32.2 billion and $32.6
       billion.
    -- Operating income is expected to be in the range of $14.1 billion and
       $14.4 billion.
    -- Diluted earnings per share is expected to be in the range of $1.89
and
       $1.95.
    Webcast Details
Microsoft will hold an audio webcast at 2:30 pm PDT (5:30 p.m. EDT) today
with John Connors to discuss details regarding the company's performance for
the quarter and other forward-looking information. The session may be
accessed at 
http://www.microsoft.com/msft
. The webcast will be available for
replay through the close of business on Friday, Oct. 25, 2002.
Forward-Looking Statements
Statements in this release that are "forward-looking statements" are based
on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
such as: entry into markets with vigorous competition, market acceptance of
new products and services, continued acceptance of existing products and
services, changes in licensing programs, product price discounts, delays in
product development and related product release schedules, and reliance on
sole source suppliers for key components of Xbox that could result in
component shortages and delays in product delivery, any of which may cause
revenues and income to fall short of anticipated levels; obsolete inventory
or product returns by distributors, resellers and retailers; warranty and
other claims on hardware products such as Xbox; changes in the rate of PC
shipments; technological shifts; customer demand for our product and
services; the support of third party software developers for new or existing
platforms; the availability of competitive products or services such as the
Linux operating system at prices below our prices or for no charge; the
affects of the Consent Decree in United States v. Microsoft on the Windows
operating system and server business, including those associated with
protocol and other disclosures required by the Decree and the ability of PC
manufacturers to hide end user access to certain new Windows features; the
ability to have access to MSN service distribution channels controlled by
third parties; the risk of unanticipated increased costs for network
services; the continued ability to obtain or protect intellectual property
rights; changes in product and service mix; maturing product life cycles;
product sale terms and conditions; the company's ability to efficiently
integrate acquired businesses such as Navision a/s; implementation of
operating cost structures that align with revenue growth; the financial
condition of our customers and vendors; unavailability of insurance;
uninsured losses; adverse results in litigation; the effects of terrorist
activity and armed conflict such as disruptions in general economic activity
and changes in our operations and security arrangements; disruptions in
hardware product assembly and distribution that may arise from shipping
interruptions or slowdowns at west coast US ports; general economic
conditions that affect demand for computer hardware or software; currency
fluctuations; trade sanctions or changes to U.S. tax law resulting from the
World Trade Organization decision with respect to the extraterritorial
income provisions of U.S. tax law; and financial market volatility or other
changes affecting the value of our investments, such as the AT&T securities
held by Microsoft, that may result in a reduction in carrying value and
recognition of losses including impairment charges.
For further information regarding risks and uncertainties associated with
Microsoft's business, please refer to the "Management's Discussion and
Analysis of Results of Operations and Financial Condition" and "Risk
Factors" sections of Microsoft's SEC filings, including, but not limited to,
its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of
which may be obtained by contacting Microsoft's investor relations
department at 
(800) 285-7772
 or Microsoft's investor relations website at
http://www.Microsoft.com/msft
.
All information in this release is as of Oct. 17, 2002. The company
undertakes no duty to update any forward-looking statement to conform the
statement to actual results or changes in the company's expectations.
Founded in 1975, Microsoft is the worldwide leader in software, services and
Internet technologies for personal and business computing. The company
offers a wide range of products and services designed to empower people
through great software -- any time, any place and on any device.
Microsoft, Windows, Windows Media, MSN and Xbox are either registered
trademarks or trademarks of Microsoft Corp. in the United States and/or
other countries. The names of actual companies and products mentioned herein
may be the trademarks of their respective owners.
Intel is a registered trademark of Intel Corporation in the United States
and/or other countries.
     Microsoft Corporation
     Income Statements
     (In millions, except earnings per share)
                                                          Three Months Ended
                                                             September 30
                                                           2001        2002
    Revenue                                               $6,126      $7,746
    Operating expenses:
      Cost of revenue                                        884       1,199
      Research and development                             1,013       1,094
      Sales and marketing                                  1,145       1,220
      General and administrative                             187         183
        Total operating expenses                           3,229       3,696
    Operating income                                       2,897       4,050
    Losses on equity investees and other                     (30)
(22)
    Investment income/(loss)                                (980)         41
    Income before income taxes                             1,887       4,069
    Provision for income taxes                               604       1,343
    Net income                                            $1,283      $2,726
    Earnings per share:
      Basic                                               $ 0.24      $ 0.51
      Diluted                                             $ 0.23      $ 0.50
    Weighted average shares outstanding:
      Basic                                                5,398       5,369
      Diluted                                              5,567       5,458
     Microsoft Corporation
     Balance Sheets
     (In millions)
                                                  June 30, 2002  Sept 30,
2002
    Assets
    Current assets:
      Cash and equivalents                            $ 3,016       $ 5,338
      Short-term investments                           35,636        35,137
        Total cash and short-term investments          38,652        40,475
      Accounts receivable, net                          5,129         4,450
      Inventories                                         673           959
      Deferred income taxes                             2,112         2,401
      Other                                             2,010         1,758
        Total current assets                           48,576        50,043
    Property and equipment, net                         2,268         2,189
    Equity and other investments                       14,191        13,580
    Goodwill                                            1,426         2,855
    Intangible assets, net                                243           642
    Other long-term assets                                942           926
          Total assets                                $67,646       $70,235
    Liabilities and stockholders' equity
    Current liabilities:
      Accounts payable                                $ 1,208       $ 1,189
      Accrued compensation                              1,145           851
      Income taxes                                      2,022         3,307
      Short-term unearned revenue                       5,920         6,841
      Other                                             2,449         1,569
        Total current liabilities                      12,744        13,757
    Long-term unearned revenue                          1,823         2,290
    Deferred income taxes                                 398           152
    Other long-term liabilities                           501           520
    Stockholders' equity:
      Common stock and paid-in capital - shares
       authorized 12,000; Shares issued and
       outstanding 5,359 and 5,346                     31,647        33,013
      Retained earnings, including accumulated
       other comprehensive income of $583 and $482     20,533        20,503
        Total stockholders' equity                     52,180        53,516
          Total liabilities and stockholders' equity  $67,646       $70,235
     Microsoft Corporation
     Cash Flows Statements
     (In millions)
                                                            Three Months
Ended
                                                               September 30
                                                             2001       2002
    Operations
      Net income                                            $1,283    $2,726
      Depreciation, amortization, and other non-cash items     282       297
      Net recognized losses on investments                   1,517       475
      Stock option income tax benefits                         415       376
      Deferred income taxes                                   (839)
(611)
      Unearned revenue                                       2,069     4,093
      Recognition of unearned revenue                       (1,879)
(2,743)
      Accounts receivable                                       69       751
      Other current assets                                     (39)
(37)
      Other long-term assets                                   122        28
      Other current liabilities                                434       797
      Other long-term liabilities                              (45)       20
        Net cash from operations                            $3,389    $6,172
    Financing
      Common stock issued                                      391       539
      Common stock repurchased                              (1,125)
(3,497)
        Net cash used for financing                          ($734)
($2,958)
    Investing
      Additions to property and equipment                     (150)
(160)
      Acquisition of companies, net of cash acquired             0
(870)
      Purchases of investments                             (16,020)
(26,685)
      Maturities of investments                                861     3,230
      Sales of investments                                  11,840    23,588
        Net cash used for investing                        ($3,469)
($897)
    Net change in cash and equivalents                        (814)    2,317
    Effect of exchange rates on cash and equivalents             5         5
    Cash and equivalents, beginning of period                3,922     3,016
    Cash and equivalents, end of period                     $3,113    $5,338
     Microsoft Corporation
     Channel and Business Division Revenue
     (In millions)
                                                         Three Months Ended
                                                            September 30
                                                          2001         2002
    Channels
    Americas Region                                      $2,345      $2,733
    Europe, Middle East, and Africa Region                1,105       1,499
    Japan and Asia-Pacific Region                           692         860
    OEM                                                   1,984       2,654
      Total revenue                                      $6,126      $7,746
    Business Divisions
    Client                                               $2,138      $2,851
    Server Platforms                                      1,395       1,587
    Information Worker                                    1,808       2,273
    Business Solutions                                       74         106
    MSN                                                     430         427
    CE/Mobility                                              14          17
    Home and Entertainment                                  267         485
      Total revenue                                      $6,126      $7,746
--
Stardust®

cuttone
Per evitare una crescita esponenziale dei suicidi su IEB  siamo in
attesa riassunto in italiano.Prego provvedere.
Giallonelcuore

> attesa riassunto in italiano.Prego provvedere.
traduzione: DOMANI SI VOLAAAAAA!!!


E io che influenzato dal TS dell'uncinetto ho portato a casa il
gruzzoletto in chiusura mi mangio i....
Giallonelcuore

 Giallonelcuore
toh, ancde io !!!

 attesa riassunto in italiano.Prego provvedere.
RIASSUNTO:
Ha detto Guglielmo Cancelli che ha venduto un casino
di Finestre XP dappertutte le parti del mondo, decinaia e
decinaia in piu' di quelli che si aspettava, visto che razza di
ciofeca e' XP, e che anche sua moglie e' molto contenta di lui.
Manda tanti cari saluti a tutto IEB e famiglia,
escluso a quella testa di cocuzza[*] di Xtrade
che voleva farlo fallire stasera.
--
Stardust®
[*] Nota del Traduttore: nel testo originale "cockuzz head",
un' espressione slang yankee un po' intraducibile.

che voleva farlo fallire stasera.
Commossi ringraziamo Guglielmo,la di lui moglie e il traduttore.
Giallonelcuore

 che voleva farlo fallire stasera.
Luigina ti ringrazia per averla fatta ridere di gusto anche stasera