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The new Microsoft, one transformed from a software factory into a maker of devices and online services, came into sharper focus recently in the International market.
The old Microsoft had an unmatched ability to chug out profits by selling software on discs to customers. The new Microsoft has an expanding portfolio of hardware products with decidedly lower margins.
That was clear when the company reported a happy 14% increase in revenue - in large part from brisk holiday sales of its new Xbox game console and Surface tablets - and a less happy 3% rise in profit.
The changing image of Microsoft was greeted positively by investors, who sent the company's shares up more than 3% in after-hours trading after the release of its financial results.
Microsoft management has been coaching Wall Street for some time to expect major changes in its business as it refashions itself to what it calls a devices and services company from the software industry .
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