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On 21/07/12 15:30, Henry Bremridge wrote: > On Sat, Jul 21, 2012 at 03:04:21PM +0100, Roland Tarver wrote: >> >> There share price may have gone up - but the simple point was that >> they made a loss for the first time. Even if the loss does not >> reflect the gradual decline of M$ - it's still a decent head line >> lol > > Hate to be cynical but have a look at > http://www.microsoft.com/en-us/news/press/2012/jul12/07-19fy12Q4earningsPR.aspx > > - Servers up 12% > - Business up 7% > - Windows down 3% for the full year (next version being released Oct) > - Online business up 10% > - Entertainment up 8% > > Basically they bought a company for too much money. But having said that: > > Cash generated from operations was up $26.9bn to $31.6bn > http://www.microsoft.com/global/investor/RenderingAssets/Downloads/FY12/Q4/FinancialStatementFY12Q4.xlsx > > > > > Declared losses minimise tax. Thus you always declare losses when you have strong cash flow as such losses enable the ' nominal' asset base to be reduced and thus the real asset base per share is actually better. Asset base then approaches reality and the 'goodwill' fiction part of acquisitions is reduced. Many years ago, I used to agonise in which year to write off non performing assets. (And what year was best for tax reductions) your aye Eionmac -- Regards Eion MacDonald -- The Mailing List for the Devon & Cornwall LUG http://mailman.dclug.org.uk/listinfo/list FAQ: http://www.dcglug.org.uk/listfaq