Microsoft Corporation (NASDAQ:MSFT) will not allow any reporter to attend its financial reporting event that is to be held on September 19th. For the first time, Microsoft has decided that reporters can follow the earning session through a webcast, like the general public.
Reporters have been restricted in the past also through a number of rules like only the financial professionals can ask the question, only formal presentation are on the record and so on. Also, in recent times, there have even been tables specified for reporters to take lunch at, says a report from AllThingsD.
Microsoft deviating from tradition
Microsoft Corporation (NASDAQ:MSFT) is in the midst of PC sales decline, reorganization and current CEO resignation. Recently, Microsoft even avoided taking up meetings with financial analysts. Earlier, the company used to hold the meetings each July.
After 13 years at the head of KG Funds, the firm's founder, Ike Kier, has decided to step down and return outside capital to investors. The firm manages around $613 million of assets across its funds and client accounts. According to a copy of the firm's latest investor update, Kier has decided to step down Read More
The software giant held financial analyst meeting in 2011, along with its Build developer conference in Anaheim, Calif. However, last year, Microsoft Corporation (NASDAQ:MSFT) did not hosted any such meeting claiming that it has increased involvement at various financial and investor’s conferences.
This year the announcement, for the meet, came from CFO Amy Hood, in the July’s conference call, for the September event.
Hood said that towards the end of September financial analyst event will be held in Redmond where strategy, new organizational structure and changes in the reporting segments will be discussed. Hood said, “We will also give more thoughts on our full-year outlook at that time.”
Microsoft struggling with declining PC sales
Microsoft Corporation (NASDAQ:MSFT) posted financial fourth quarter earnings, in July, which marginally missed the analysts’ expectations. The company reported revenue of $19.9 billion and earnings per share of $0.59 versus Wall Street consensus of $20.74 billion in revenue and earnings per share of $0.75.
Results of the fourth quarter were dull due to declining PC market, but the company is relying on performance of its enterprise and cloud offerings, resulting in record unearned revenue balance this quarter.
During the quarter, Microsoft Corporation (NASDAQ:MSFT) also took $900 million charge related to Surface RT inventory adjustments. Microsoft is struggling mainly due to declining PC business and not so encouraging performance of Windows 8.
However, according to many market watchers the company can counterbalance PC and Windows 8 failure by its Online Services Division, which posted $8.1 billion loss in the year-ago-quarter, but since then the division has been performing well, and reported a loss of $372 million for the latest quarter.