2008
Microsoft Shows Gains, but Also Weaknesses
Microsoft’s pursuit of Yahoo may have run into some bumps, but its big software business is humming along smoothly.
The company reported quarterly earnings Thursday that slightly surpassed Wall Street’s expectations, and it provided an optimistic outlook for its 2009 fiscal year, which begins in July.
The faltering American economy, Microsoft executives said, has not had a big impact on the company. Two-thirds of Microsoft’s revenue now comes from overseas sales, and demand for many of its products remained healthy in the United States.
“We have not seen any significant spillover to our business,” Christopher P. Liddell, Microsoft’s chief financial officer, said of the broader economy’s problems in a conference call with analysts.
During the call, Mr. Liddell spoke briefly about Microsoft’s unsolicited offer for Yahoo, mainly echoing the tone of comments this week by Steven A. Ballmer, the company’s chief executive. Mr. Liddell said he did not favor raising Microsoft’s bid, which was worth $44.6 billion when it was announced in February and $44.1 billion at the close of trading on Thursday.
“The strongest argument I have heard for increasing our bid — simply that we can afford to — is not one that I favor,” Mr. Liddell said.
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Speaking in Milan on Wednesday, Mr. Ballmer held out the possibility that Microsoft might drop its efforts to take over Yahoo if its management continued to spurn the offer.
“We are prepared to go forward without a merger,” Mr. Ballmer said.
His comment, most analysts say, was probably a gesture intended to put more pressure on Yahoo’s board.
A proxy battle for control of Yahoo, analysts say, is a more likely alternative. On April 5, Mr. Ballmer sent a letter to Yahoo’s directors, threatening to oust the board and lower the cash-and-stock offer unless Yahoo started negotiations within three weeks. That deadline is Saturday. Mr. Liddell said the company would decide how to proceed next week.
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