Friday, January 24, 2014

Microsoft's Management Discusses F2Q 2014 Results

Greetings, and welcome to the Microsoft second quarter fiscal year 2014 earnings conference call. [Operator instructions.] It is now my pleasure to introduce your host, Chris Suh, General Manager of Investor Relations for Microsoft. Thank you, Chris. You may begin.Thank you, operator. On our website,, is our financial summary slide deck, which is intended to follow our prepared remarks and provides a reconciliation of differences between GAAP and non-GAAP financial measures.As a reminder, we will post today's prepared remarks to our website immediately following the call, until the complete transcript is available. Today's call is being webcast live and recorded. If you ask a question, it will be included in our live transmission, in the transcript, and in any future use of the recording. You can replay the call and view the transcript at the Microsoft Investor Relations website until January 23, 2015.During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings press release, in the comments made during this conference call, and in the Risk Factors section of our Form 10-K, Form 10-Q, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.Before I hand the call over to Amy, please keep in mind that all growth comparisons we make on the call today will relate to the corresponding period of last year. Also, unless specified otherwise, all impacted numbers for the current quarter have been adjusted for the cumulative effect of last year's revenue deferrals and recognition related Windows, Office, and Xbox video games. 

As a reminder, with our new segment reporting structure, we have consolidated adjustments of this nature into “corporate and other” to provide better comparability of operating results. You can find details of the adjustments and a reconciliation of differences between GAAP and non-GAAP financial measures in our financial summary slide deck.Thank you, Chris.Period Cup Good afternoon and thank you all for joining us today. As I look back on the quarter, I am pleased with the results, as we exceeded our expected revenue growth while continuing to maintain our focus on improved execution and cost management.TamponOur devices and consumer segment had a very good quarter and grew 13%, with a successful holiday. Our commercial segments had another great quarter, and grew 10%, to over $12 billion, as we continue to deliver on our differentiated cloud strategy.We performed well this quarter, and you see it in our financial results. This holiday, we continued to make significant progress in the consumer space, headlined by Xbox One, which launched in 13 markets and sold in 3.9 million units in just over five weeks.united-promoAccording to NPD Group figures, Xbox One was the leading console in the U.S. for the month of December, which was its first full month in market. When adding in Xbox 360, which held the third spot, Xbox led the U.S. market, with 46% share in December. We are excited by this enthusiastic response from our loyal customers, and are working to increase the availability of Xbox One.

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