返回信息流Investors Unimpressed With Microsoft
Peter Kang, 10.27.06, 9:20 AM ET
Microsoft reported strong first-quarter earnings on Thursday but investors greeted the company's optimism with indifference. In pre-market trading on Friday, the stock was quoted at $28.47, up 12 cents from the Thursday close, a mere 0.4% rise.
The software company posted a quarterly profit of 35 cents per share on revenue of $10.81 billion, which topped the Thomson First Call consensus forecasts of 31 cents per share in earnings and sales of $10.72 billion.
Microsoft (nasdaq: MSFT - news - people ) said robust sales for the new Xbox 360 gaming console and SQL server software were the main drivers of revenue growth and powered an 11% rise from the year-ago quarter. The profit increase also was 11%.
Chief Financial Officer Chris Liddell said during a conference call Thursday evening that server software and entertainment products accounted for 70% of the sales growth.
"I would characterize first-quarter results as a very good start to the year," Liddell told analysts on the call. "Earnings per share results were excellent. Fiscal 2007 is shaping up well,” he added. “We're off to a good start."
The company issued relatively tame forward guidance, however, predicting second-quarter earnings per share in a range of 33 to 35 cents, which was in ine with the Street estimate of 34 cents. For fiscal 2007, the company said it expects earnings in a range of $1.43 to $1.46, compared with analysts' consensus forecast of $1.44.
CIBC World Markets analyst Brad Redback maintained a "sector underperformer" rating on Microsoft on Wednesday and said at $28, shares are trading at 19 times his earnings estimate for calendar 2007.
"Given the significant level of spending outlined by management and the subsequent lack of earnings upside potential near term," Redback wrote in a client note, "we contend that further multiple expansion from current levels appears unlikely."
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[Forbes News] Investors Unimpressed With Microsoft
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