Microsoft Corporation Holds back Profit

Microsoft CEO Steve Ballmer

The world's Largest software company released its first-quarter fiscal 2012 financial results after market close today.The company’s revenue for the first quarter of fiscal 2012 climbed 7% on a year-over-year basis to $17.37 billion.

Analysts were on average expecting the maker of Windows operating system to report earnings of $0.68 per share and revenue of $17.24 billion.

Peter Klein, CFO of Microsoft, said that the company saw customer demand across the breadth of its products, resulting in record first-quarter revenue and another quarter of solid earnings growth.

Microsoft’s first-Quarter revenue from Windows sale rose less than 2%, reflecting the weakening demand for PCs.  Growing economic uncertainty has led to a decline in technology spending, hurting demand for PCs.

Microsoft's shares, which have traded in the $20-$30 range for the last decade, fell 0.7 percent in after-hours trading, to $26.85. They closed at $27.04 on Nasdaq.

Economic crisis in IT Sectors

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Fears rising in IT sectors over new economic downturn. The situation is definitely grim, posing stiff leadership challenges for Chief Information Officer. But  IT initiatives in many cases are proceeding as planned, partly because of a desire among business executives to rely even more heavily on technology to help reduce corporate costs and boost revenues.

For example, Auto Warehousing Co.'s IT staff has been relatively lucky — although certainly not safe AWC processes new cars for automakers, and it's feeling the pain of the drop in car sales. For IT, that means a 24% budget cut this year.  

IT wages across US: The 2008-09 recession reduced wages in Silicon Valley last year by about 10%. But even with that drop in pay, tech employees in the Valley remain, by far, the best paid in the U.S. 

IT hiring jumps in January: U.S. IT employment increased by 12,900 jobs, or 0.3%, in January, one of the best month-to-month gains since the recession hit in late 2008, the TechServe Alliance reported today.

The positive news comes after the prolonged recession had reduced overall IT employment by some 200,000 jobs, according to the Alexandria, Va.-based IT services industry group, which tracks monthly changes in IT hiring based on its own analysis of U.S. unemployment data.

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CHINA'S ECONOMIC GROWTH SLOWED TO 9.1%

China is the world's second-largest economy.

China's red hot economic growth cooled slightly from July through September, but remains the desire of many western countries still struggling to recover from the global economic meltdown.

Growth of the world's second-largest economy in the three months ending in September was down from the previous quarter's 9.5 per cent and the lowest level in two years, data showed Tuesday. The government said that was in line with plans to steer growth that hit 10.3 per cent last year to a more sustainable level and cool politically dangerous inflation

China's gross domestic product grew at an annual pace of 9.1% during the third quarter, down from 9.5% growth in the second quarter and 9.7% growth in the first three months of the year.

Graph

GOOGLE SHARES HIGHER EARNINGS

Google’s latest quarterly earnings soared above most analysts’ forecasts as the internet search company rebounded to its highest growth rate since before the 2008 financial crisis and shrugged off recent signs of economic weakness.

The third-quarter results, released late on Thursday, drove the company’s share price up by more than 6 per cent in after-hours trading, despite a extension of the hiring binge that has caused unease on Wall Street this year.

Google said it had added 2,585 employees in the latest three months – more than in earlier quarters this year – to take its total headcount to 31,353.

Google is showing results from heavy investments in areas beyond search, with notable inroads in the mobile, video and display markets, with chief executive Larry Page setting social networking as a top priority.

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Two Americans Win The NobelPrize For Economics

Americans Thomas Sargent of New York University and Christopher A. Sims of Princeton University have won the Nobel Prize in economics.

In awarding the $1.5 million prize, with the formal title the Nobel Memorial Prize in Economic Sciences, the Royal Swedish Academy of Sciences cited the researchers "for their empirical research on cause and effect in the macroeconomy."

Sargent and Sims, both 68, carried out their research independently in the 1970s and '80s, but it is highly relevant today, as world governments and central banks seek ways to steer their economies away from another recession.

The two economists take different approaches to macroeconomics, with Sargent focusing on analyzing the effects of broad economic policy changes, while Sims has worked to identify and measure the effects of "temporary and unexpected changes," such as fluctuations in interest rates and deficit, according to the prize committee.

Sargent and Sims "have independently developed complimentary methods that make it possible to evaluate policy and trace effects over time,"

OBAMA HIT THE CHINA TRADE

Obama stopped short of explicity backing legislation that calls for U.S. tariffs on imports from countries with purposely undervalued currencies, and he restated concerns that any measure must comply with global trade rules. Still, in his toughest language on China to date, the president echoed sponsors of the bill, which is now headed toward a final Senate vote on Tuesday. Efforts to bring action to a close on Thursday faltered because of a dispute between Republicans and Democrats over which amendments would be considered.

The measure, which has drawn warnings from Beijing that it could trigger a trade war, is still widely expected to pass. 

U.S. President Barack Obama speaks about jobs and the U.S. economy during a press conference at the White House in Washington, October 6, 2011.

 

"China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States," Obama told a news conference focused on his proposal to revive a weak U.S. economy."Currency manipulation is one example of it," he said.

Obama, who faces a tough bid for re-election next year, did not say whether he would sign or veto the legislation if it reached his desk. Both the Senate and the House of Representatives would have to approve the measure first.

ECONOMIC CRASH

   A market trader has given an extraordinary interview in which he admits he has been hoping for another economic crash because it will make him rich.

   Independent trader Alessio Rastani told the BBC that the rescue package being put together by governments to save the eurozone was doomed to failure and appeared pleased by his own prediction.

   he said. "I've been dreaming of this for three years, I have a confession, I go to bed every night and I dream of another recession, I dream of another moment like this," he said.

   "I'm very confident that this particularly rescue plan ... It doesn't matter how much money they want to put in, it's not going to work, because this problem can not be solved."

   He added: "I'm fairly confident the euro is going to crash and its going to fall pretty hard. Because markets are ruled right now by fear."

   A proposed three trillion euro (£2.6 trillion) rescue package for the eurozone is expected to be announced within days, and could be in place within weeks.

   Confirming the worst stereotypes of the City trader, Rastani said traders did not care what happened to the economy as long as they made money. "We don't really care whether they're going to fix the economy, our job is to make money from it," he said. "The 1930s depression wasn't just about a market crash, there were some people who were prepared to make money from that crash. I think anyone can do that," he said. "It's an opportunity." He added: "When the market crashes, if you know what to do, if you have the right plan to set up, you can make a lot of money from this."

  Rastani said that it was "wishful thinking" to believe government's could prevent another recession. "Government's don't rule the world, Goldman Sachs rules the world. Goldman Sachs does not care about this rescue package," he said. The interviewer said "jaws had dropped" around the BBC newsroom while they listened to his answers.