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Microsoft Corp. said profits in its most recent quarter plunged 29 percent because of weak computer sales, ending a fiscal year in which the software-maker’s revenue fell for the first time since it went public in 1986.
Shares quickly fell more than 7 percent in after-hours trading.
Microsoft’s net income in its fiscal fourth quarter, ended June 30, sank to $3.05 billion, or 34 cents per share, from $4.3 billion, or 46 cents per share, a year earlier. Excluding certain items, results beat Wall Street estimates.
Quarterly sales dropped 17 percent, to $13.1 billion. For the fiscal year, profit fell 17 percent, to $14.6 billion, or $1.62 per share, from $17.7 billion, or $1.87 per share, a year earlier. Sales slid 3 percent, to $58.4 billion.
