Microsoft Q2 profit lower but tops Street
Microsoft Corp. posted a fiscal second-quarter profit decline of 28% on Thursday, but its profit still exceeded Wall Street expectations. The profit of $2.63 billion compared with $3.65 billion in the year-ago period. Revenue rose 6% year-over-year to $12.54 billion. Microsoft's revenue gain was helped by a 76% jump at its entertainment and devices unit, which includes the Xbox 360 video game console. That division reported quarterly revenue of $2.96 billion, but it lost $289 million, about in line with the year-ago loss of $286 million. For its fiscal second half, Microsoft lowered its revenue outlook for the unit to "cautious" in the face of "reasonable" XBox 360 inventory in stores.