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Microsoft

Microsoft's (http://www.microsoft.com) reported earnings were not changed in our analysis. The relatively minor core earnings adjustments were immaterial. Like IBM, Microsoft is involved in several lines of business; however, the trend in its primary segment, software, was consistent and represented the overall revenue trend. Revenues increased each of the three years in our analysis, but net income was more volatile. We repeat the first four steps in accessing Microsoft's financial information.

Step 1.
On the home page, refer to the far-left menu topics under “About Microsoft.” Go to the link, “Investor Relations.”

Step 2.
At the menu on the left, go to the link, “Annual Reports.”

Step 3.
Select the latest fiscal year. (We have used fiscal 2002.)

Step 4.
At the left, refer to the topic subheading “Financial Statements.” Go to the link for “Income.”


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