Microsoft's Tough Third Quarter.

Maybe the most striking news is Microsoft's crisp cost-cutting. Who knew this Midas of the computer industry knew how to scale back so well?

A day after Apple seemed to shrug off the world economic woes with impressive quarterly earnings, Microsoft showed that it’s in no ways immune. While analysts expected revenues of $14.1 billion for the quarter ended March 30, Microsoft delivered just $13.65 billion—a 6% decline from the year before. Earnings per share were $.33, well below the $.39 Wall Street was looking for. Net income, which included $710 million in onetime charges, fell by nearly a third, to $3 billion.

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