Rick Sherlund
Rick Sherlund
advertising estimates growth last pc potential reflect slower sluggish week
We trimmed estimates last week to reflect even more sluggish PC demand, the potential for slower server growth and slower on-line advertising for MSN,
basis corporate december entirely estimates further pc point quarter results revising stock woods
The stock may not yet be entirely out of the woods if the December quarter results do not show some further re-acceleration in corporate PC demand, at which point there may be a better basis for revising estimates further,
anecdotal believe capital capture catching coming data estimates falling knife magnitude results spending street year
Estimating results has been like catching a falling knife this year and we do not believe Street estimates yet capture the magnitude of capital spending constraints going into 2002, particularly considering anecdotal data coming out of Europe.
believe changed data estimates management posture recent street
Microsoft's management has not changed its posture on the quarter, but we believe recent data suggests that Street estimates may need to come down,
account consumer corporate demand estimate likely line pc percent relatively revision sales total
Consumer PC sales account for only about 10 percent of Microsoft's total revenues, so with corporate demand likely in line with expectations, our estimate revision is only relatively moderate,
appear due earlier estimate evidence fast growing growth likely march november occurred offset pc quarter reducing revenue sluggish unit weakness
We are reducing our March quarter revenue estimate due to growing evidence that PC unit growth did not likely come up to our expectations. PC growth was very sluggish from November through February, and while it reaccelerated in March, it does not appear to have occurred fast enough to offset the weakness earlier in the quarter.
august compelled cost cut estimates given growth numbers oracle rates
Oracle has an August quarter, so we are more compelled to cut estimates now. Siebel is September, so we could wait, but the numbers just look too optimistic. Given cost reductions, the EPS cut for Oracle is small, but the growth rates for Siebel are much faster, so EPS reductions more significant.
august compelled cost cut estimates given growth numbers oracle rates
Oracle has an August quarter, so we are more compelled to cut estimates now, ... Siebel is September, so we could wait, but the numbers just look too optimistic. Given cost reductions, the EPS cut for Oracle is small, but the growth rates for Siebel are much faster, so EPS reductions more significant.
billion cents company estimates remains revenue september
The company remains comfortable with our revenue and EPS estimates of $5.65 billion and 41 cents for the September quarter.
advantage both calendar designed drive due expect features further generation half likely next office products release revenue second windows
We expect the release of Windows Vista and Office 12 to further drive revenue as both products are being designed to take advantage of collaborative features in the next generation of server products (SQL Server 2005, BizTalk Server 2006, and the 'Longhorn' or Vista Server likely due out in the second half of calendar 2007).
continue good level month months news next stock three
The stock had been at about this level just a month ago, and I think this is going to continue to be a damper, at least for the next three months or so. The news doesn't look like it's going to be good for a while.
above evidence given pc quarter reduced results slowing
The results were above our estimates, which had been reduced during the quarter given evidence of slowing PC demand.
build stock year
As the year progresses, the stock will build its multiple.
appears business currently line management plans spoken tracking
We have spoken with management and there are currently no plans for an pre-announcement, as business appears to be tracking in line with expectations,