Microsoft Corp (MSFT)
Earnings Release  FY12 Q3
Revenue growth slightly outpaced PC market
PC market grew 2% to 4%
Business PCs grew 8% as business PC refresh continues; Consumer PCs grew 6% excluding netbooks
Strength in the enterprise
Double-digit volume licensing growth
Approximately 40% of enterprise desktops worldwide on Windows 7
OEM premium mix up 4ppts
Business: 33%; Consumer: 41%
Windows 8 Consumer Preview released

Windows Division revenue reflected relative performance in PC market segments. We estimate that sales of PCs to businesses grew approximately 8% and sales of PCs to consumers were flat. Excluding a decline in sales of netbooks, we estimate that sales of PCs to consumers grew approximately 6%. Taken together, the total PC market increased an estimated 2% to 4%. Windows Division revenue was positively impacted by a higher rate of Windows licensed on PCs shipped and growth in sales to businesses.

Windows Division operating income increased primarily due to revenue growth, offset in part by higher research and development expenses, which grew due mainly to an increase in headcount-related costs and product development costs associated with the next version of the Windows operating system.

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Windows and Windows Live Division
RESULTS (in millions, except percentages)
Q312 Q311 Change
Revenue $ 4,624 $ 4,447 4%
Operating
Income
$ 2,952 $ 2,792 6%
FY12 Earnings Release Schedule
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