Microsoft reported earnings Thursday for the June quarter that tumbled 29% compared to the June quarter of 2008. The company posted revenues of $13.1 billion, 17% year-over-year decline, and net income of $3.05 billion, down 29% year-over-year, and earnings per share of $.34, a 26% decline.
"Our business continued to be negatively impacted by weakness in the global PC and server markets," Microsoft CFO Chris Liddell said in a statement. "In light of that environment, it was an excellent achievement to deliver over $750 million of operational savings compared to the prior year quarter."
The results included $276 million in deferred revenue relating to the Windows 7 rollout -- without that deferral, earnings per share would have been $.36.
For the full fiscal year, which ended with the June quarter, Microsoft reported revenue of $58.44 billion -- down 3% year-over-year -- and net income of $14.57 billion. EPS clocked in at $1.62.
The economy has hit Microsoft fairly hard, at least compared to Apple, which has posted year-over-year gains since the economic crisis first manifested in 2008. Earlier this week, Apple turned in revenue of $8.34 billion -- an 11.7% year-over-year increase in revenue for the June quarter -- and profits of $1.23 billion, a 14.9% year-over-year increase.