Qualcomm Earnings Preview: Record Quarter Expected, Reports Wednesday, February 1

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Update 1 on 1-29-12


Qualcomm (QCOM) to Announce Quarterly Earnings

Qualcomm will report calendar Q4 2011 financial results on Wednesday, February 1, after market close. The conference call will be at 1:45 p.m. PT.


Qualcomm Future and Past Financial Performance


Estimated Calendar Q4 2011 Earnings per Share (Non-GAAP)
Yahoo Finance Analysts Estimates: $0.90 avg, $0.88 low, $0.95 high, 35 analysts
Prior Quarter: $0.80
Prior Year: $0.82
Qualcomm Outlook: $0.86 - $0.92


Prior Calendar Q3 2011 Financial Results (GAAP)
When Qualcomm reports calendar Q4 2011, the 3 months ended December, financial results on February 1, Qualcomm is expected to meet, beat, or miss various prior quarterly results. These prior quarterly GAAP financial results were:
Total Revenues $4.12B
Operating Income $1.24B
Net Income $1.06B
Earnings per Share $0.62
Qualcomm Outlook $0.70 - $0.76
Gross Margin 44.00% (Equipment & Services)
Operating Margin 30.07%
Net Margin 25.65%


Summary (GAAP) Overall, Qualcomm is expected to beat QoQ and beat YoY for Earnings per Share. Calendar Q4 is a strong, if not the strongest quarter, on an annual basis. Therefore, Qualcomm is expected to beat QoQ and YoY for Total Revenues, Operating Income, Net Income, and Cash Flow per Share. Qualcomm should beat QoQ and YoY for operating and net margins. In short, this is expected to be a record quarter. The prior quarterly charts are reviewed below.


Qualcomm Beats QoQ and YoY for Record Quarter!


Qualcomm Summary Q3 2011 Intel rebounded in Q3 2011 with record total revenues, net income, and earning per share. Revenue growth was driven by data centers and developing countries, notably China. "Emerging markets are good, enterprise is strong, the mature market consumer is a little bit weaker," said Chief Financial Officer Stacy Smith. Investor confidence is strengthened by the latest financial results, after being deflated somewhat in the prior quarter. Hopefully this growth can continue and appears so based on Intel's Q4 2011 outlook. Financial position continues strong.


Qualcomm Income Statement Q3 2011 Intel reported record total revenues of $14.23 billion, record net income of $3.47 billion, and record earnings per share of $0.65. From the prior quarter Q2 2011, total revenues were up +9.22%, net income up +17.40%, and earnings per share were up at +20.37%. From the prior year Q3 2010, total revenues were up +28.20%, net income up +17.36%, and earnings per share up +25.00%. Gross margin increased QoQ to 63.36%, operating margin increased QoQ to 33.62%, and net margin increased QoQ to of 24.37%. The operating expense ratio has been stable and is currently 29.74%.


Qualcomm Balance Sheet Q3 2011 Intel continues liquid and well capitalized. Total assets have reached an all-time high of $77.05 billion. The current ratio, current assets / total assets, increased QoQ to 37.84%. Intel has $10+ billion in short-term cash, cash equivalents, and marketable securities. Capital to assets, total stockholders' equity / total assets, decreased QoQ to 65.37% from 73.72% due to an increase in debt. The debt ratio, short-term and long-term debt to total assets, increased QoQ to 10.12% from 3.27%. Return on assets of 19.58% continues at recent levels and above the historical average.


Qualcomm Q4 2011 Business Outlook (GAAP)
• Non-GAAP EPS: $0.86 - $0.92
• GAAP EPS: $0.70 - $0.76


Qualcomm Performance by the Quarters


Qualcomm Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $1.06 is an 11-quarter high. Current Earnings per Share of $0.62 is a 3-quarter high, a +1.64% increase QoQ, and a and +16.98% YoY increase. The chart averages CFS and EPS are $0.79 and $0.46, respectively.

 


Qualcomm Total Revenues, Operating Income, and Net Income Current Total Revenues of $4.12 billion is a record high, a +13.64% increase QoQ, and a +39.46% increase YoY. Current Operating Income of $1.24 billion is a record high. Current Net Income of $1.06 billion is a 3-quarter high, a +2.03% increase QoQ, and a +22.08% increase YoY. The chart averages for TR, OI, and NI are $3.18 billion, $960 million, and $923 million, respectively.

 


Qualcomm Gross Margin, Operating Margin, and Net Margin Current Gross Margin (Equipment and Services) of 44.00% slightly decreased QoQ and significantly decreased YoY. Current Operating Margin of 30.07% slightly decreased QoQ and significantly decreased YoY. Current Net Margin of 25.65% significantly decreased both QoQ and YoY. The chart averages for GM (E&S), OM, and NM are 47.61%, 30.16%, and 29.23%, respectively.

 


Qualcomm Return on Assets Current Return on Assets of 12.74% is a multi-year high. The ROA chart average is 10.95%.

 

Qualcomm YoY Growth Rates Current Total Revenues Growth of +39.46% is historically well above average and the 5th consecutive quarter of growth. Current Earnings per Share Growth of +16.98% is historically below average but the 6th consecutive quarter of growth. The chart averages for TRG and EPSG are +25.40% and +22.38%, respectively.

 


Qualcomm Revenue Sources Equipment and Services at $2.67 billion is the primary driver of sales growth, an all-time high, and is 64.93% of total revenues. Licensing at $1.44 billion is a 2-quarter high, and 35.07% of total revenues. The chart averages for E&S and Licensing are $1.89 billion and $1.17 billion, respectively.

 


Qualcomm Operating Expense Ratio Current Operating Expense Ratio of 69.93% is within the historical range. The OER chart average is 71.30%.

 

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VMware Reports Outstanding Earnings: Quarterly Revenues Reach $1 Billion

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VMware Reports Outstanding Earnings: Total Revenues Reach $1 Billion


VMware Summary Q4 2011 VMware reported record total revenues and operating income. Net income and earnings per share were the highest ever reported from the core business. Financial position continues liquid with adequate capital. Return on assets has improved in recent quarters and is now 9.55%. "The quarter’s strong performance further signals that virtualization is the foundation for simplifying and automating IT", said CEO Paul Maritz. Q1 2012 total revenues are projected to be flat QoQ at $1.015B to $1.040B. Full year 2012 total revenues are projected +19 to +22% YoY at $4.475B to $4.600B.


VMware Income Statement Q4 2011 VMware reported record total revenues of $1.06 billion, second highest ever net income of $200.43 million, and second highest ever earnings per share of $0.46. From the prior quarter Q3 2011, total revenues were +12.57%, net income +12.89%, and earnings per share +12.20%. From the prior year Q4 2010, these were up an impressive +26.88%, +67.19%, and +64.29%, respectively. Gross margin, operating, and net margins improved to 84.26%, 20.19%, 18.90%, respectively. Cash flow from operations of $1.30 per share is another all-time high.


VMware Balance Sheet Q4 2011 Total assets increased QoQ to a record $8.69 billion. The capital to assets ratio decreased to 54.95%, has decreased 2 consecutive quarters, but is adequate. The current ratio increased to 65.41%. VMware is liquid with adequate capital. Total deferred revenue, current and noncurrent, increased a strong +21.23% and +$474 million to $2.71 billion. Return on assets increased to +9.55%.


VMware Outlook Q1 2012 "First quarter 2012 revenues are expected to be in the range of $1.015 and $1.040 billion, an increase of 20% to 23% from the first quarter 2011. Annual 2012 revenues are expected to be in the range of $4.475 and $4.6 billion, an increase of 19% to 22% from 2011, and annual license revenues are expected to grow between 11% and 16%."


VMware Performance by the Quarters (Charts) VMware Cash Flow per Share and Earnings Per Share Current Earnings per Share of $0.46 are +12.20% QoQ, a whopping +64.29% YoY, and 2nd highest ever. Record Q2 2011 EPS $0.51 was boosted by the $56 million gain on the sale of investment in Terremark Worldwide Inc. Current Cash Flow per Share of $1.30 is an all-time high for the 2nd consecutive quarter.

 


VMware Total Revenues, Operating Income, and Net Income Current Total Revenues of $1.06 billion are +12.57% QoQ, +26.88% YoY, the 9th consecutive quarterly record high, and the first time to exceed $1 billion. Current Operating Income of $214.06 million is an all-time high and the 4th record high in the past 5 quarters. Current Net Income of $200.43 million is +12.89% QoQ, a strong +67.19% YoY, and 2nd highest ever. Record Q2 2011 Net Income of $220.16 million was boosted by the $56 million gain on the sale of investment in Terremark Worldwide Inc.

 


VMware Gross Margin, Operating Margin, and Net Margin Current Gross Margin of 84.26% is a 12-quarter high and has been stable in the 80%-84%. Current Operating Margin of 20.19% is one of the highest on recrod. Current Net Margin of 18.90% is also one of the highest on record.

 


VMware Return on Assets Return on Assets of 9.55% is a multi-year, if not all-time, high. ROA has improved for 7 consecutive quarters. The $56M gain on sale of investment in Terremark Worldwide, Inc. has inflated Net Income and boosted ROA. The only real negative about VMware is the ongoing low ROA for a technology sector company. However, the rebound in the ROA since Q2 2010 (4.48%) is impressive.




VMware Growth Rates YoY Total Revenues Growth YoY of +26.88% is impressive, the 10th consecutive quarter of growth, but below the chart average of 31.46%. Earnings per Share Growth YoY of +64.29% is well above the chart average of 47.83% and the 8th consecutive quarter of growth.

 


VMware Reports Fourth Quarter and Full Year 2011 Results PALO ALTO, Calif., January 23, 2012 — VMware, Inc. (NYSE: VMW), the global leader in virtualization and cloud infrastructure, today announced financial results for the fourth quarter and full year of 2011. “The quarter’s strong performance further signals that virtualization is the foundation for simplifying and automating IT,” said Paul Maritz, chief executive officer, VMware. “As customers continue to drive significant IT transformation, our task remains in providing solutions that go beyond cost reduction, yielding business and competitive value.” “We are pleased with our record fourth quarter results,” said Mark Peek, chief financial officer, VMware. “Our investments over the years have clearly paid off and we will continue to take advantage of long-term opportunities ahead. First quarter 2012 revenues are expected to be in the range of $1.015 and $1.040 billion, an increase of 20% to 23% from the first quarter 2011. Annual 2012 revenues are expected to be in the range of $4.475 and $4.6 billion, an increase of 19% to 22% from 2011, and annual license revenues are expected to grow between 11% and 16%.”

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Intel Reports Near-Record Quarter: Earnings Down QoQ, Up YoY

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Intel Reports Near-Record Quarter: Earnings Down QoQ, Up YoY


Intel Summary Q4 2011 Intel reported near-record Q4 financial performance, after the record Q3. Intel had alarmed investors on December 12, 2011 with lowered total revenues and gross profit margin estimates. "2011 was an exceptional year for Intel,” said Paul Otellini, Intel President and CEO. "With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records. With a tremendous product and technology pipeline for 2012, we’re excited about the global growth opportunities presented by Ultrabook systems, the data center, security and the introduction of Intel-powered smartphones and tablets." Investor confidence is strengthened by the latest financial results, after being deflated somewhat by Q2 2011 and the December 2011 lowered outlook. Intel's total revenues Q1 2012 outlook is flat YoY, compared to Q1 2011. However, gross profit margin is +2% higher YoY which should increase net income and EPS. Financial position continues strong.


Intel Income Statement Q4 2011 Intel reported near-record total revenues of $13.89 billion, near-record net income of $3.36 billion, and near-record earnings per share of $0.64. From the prior record quarter Q3 2011, total revenues were -2.43%, net income -3.11%, and earnings per share -1.54%. From the prior year Q4 2010, these were +21.21%, +5.66%, and +14.29%, respectively. Gross margin, operating margin, and net margin are within the recent historical range at 64.46%, 33.12%, and 24.20%, respectively. The operating expense ratio has been stable and is currently 31.35%.


Intel Balance Sheet Q4 2011 Intel continues liquid and well capitalized. Total assets have reached an all-time high of $71.12 billion. The current ratio decreased QoQ and YoY to 36.38%, which continues adequate. Intel has $14.84 billion in short-term cash, cash equivalents, and marketable securities. Capital to assets slightly decreased QoQ and significantly YoY to 64.56%. The YoY decrease was due to an increase in debt. The debt ratio of 10.31% was flat QoQ but up significantly YoY. Return on assets of 19.23% continues at recent levels and above the historical average.


Intel Business Outlook (GAAP, unless otherwise stated)
Q1 2012
• Revenue: $12.8 billion, plus or minus $500 million.
• Gross Margin: 63% and 64% Non-GAAP, both plus or minus a couple percentage points.
Full Year 2012
• Gross Margin: 64% and 65% Non-GAAP, both plus or minus a couple percentage points.


Intel Performance by the Quarters (Charts) Intel Earnings Per Share Current Earnings per Share of $0.64 are -1.54% QoQ, +14.29% YoY, and just below the prior quarter record high. The chart average EPS is $0.38.




Intel Total Revenues, Operating Income, and Net Income Current Total Revenues of $13.89 are -2.43% QoQ, +21.21% YoY, and just below the prior quarter record high. Current Operating Income of $4.60 billion is just below the prior quarter record high. Current Net Income of $3.36 billion is -3.11% QoQ, +5.66% YoY, and just below the prior quarter record high. The chart averages for TR, OI, and NI are $10.80 billion, $3.10 billion, and $2.22 billion, respectively.

   


Intel Gross Margin, Operating Margin, and Net Margin Current Gross Margin of 64.46% is a 4-quarter high. Current Operating Margin of 33.12% dipped QoQ and YoY. Current Net Margin of 24.20% decreased QoQ and YoY. The chart averages for GM, OM, and NM are 60.13%, 27.25%, and 12.65%, respectively.

 


Intel Return on Assets Current Return on Assets of 19.23% is historically strong and slightly decreased QoQ and YoY. The ROA chart average is 14.12%.

 


Intel Regional Revenues Asia Pacific at $8.02 billion and 57.74% of total revenues is the primary driver of sales growth. Americas at $2.66 billion and 19.13% has decreased. Europe at $1.93 billion and 13.91% increased. Japan at $1.28 and 9.21% slightly decreased.

 


Intel Growth Rates YoY Current Total Revenues Growth YoY of +21.21% is historically about average and the 9th consecutive quarter of growth. Current Earnings per Share Growth YoY of +14.29% is historically below average but the 6th consecutive quarter of growth. The chart averages for TRG and EPSG are +20.31% and +28.83%, respectively.

 


Intel Operating Expense Ratio Current Operating Expense Ratio of 31.35% is historically below average. The OER has been stable for the past 8 quarters, which is encouraging for investors. The OER chart average is 33.21%.

 


Intel Reports Record Year SANTA CLARA, Calif., Jan. 19, 2012 - Intel Corporation today reported full-year revenue of $54 billion, operating income of $17.5 billion, net income of $12.9 billion and EPS of $2.39 -- all records. The company generated approximately $21 billion in cash from operations, paid dividends of $4.1 billion and used $14.1 billion to repurchase 642 million shares of stock. For the fourth quarter, Intel posted revenue of $13.9 billion, operating income of $4.6 billion, net income of $3.4 billion and EPS of 64 cents. The company generated approximately $6.6 billion in cash from operations, paid dividends of $1.1 billion and used $4.1 billion to repurchase 174 million shares of stock.

"2011 was an exceptional year for Intel," said Paul Otellini, Intel president and CEO. "With outstanding execution the company performed superbly, growing revenue by more than $10 billion and eclipsing all annual revenue and earnings records. With a tremendous product and technology pipeline for 2012, we're excited about the global growth opportunities presented by Ultrabook systems, the data center, security and the introduction of Intel-powered smartphones and tablets."

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IBM Reports Outstanding Earnings: Revenues, Income, Margins, EPS Up

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IBM Reports Outstanding Earnings: Revenues, Income, Margins, EPS Up


IBM Summary Q4 2011 Financial performance improved, actually soared, in Q4 2011. IBM has apparently obtained a money printing concession from the Federal Reserve. Q4 is historically the peak quarter in the annual cycle and this quarter was no exception. Total revenues, operating income, net income, earnings per share, cash flow per share, gross margin, operating margin, and net margin reached multi-year highs. Debt continues within the historical range of total assets. IBM 2012 full-year guidance of $14.16 GAAP EPS is about an 8% increase YoY. IBM has a large, embedded product financing operation which results in lower financial performance than other technology companies. Financial position continues as acceptable, with adequate capital, moderate debt, and adequate liquidity.


IBM Income Statement Q4 2011 IBM reported total revenues of $29.49 billion, net income of $5.49 billion, and earnings per share of $4.62, all of which are multi-year highs. From the prior quarter Q3 2011, total revenues were +12.70%, net income +42.88%, and earnings per share +44.83%. From the prior year Q4 2010, these were +1.62%, +4.43%, and +10.53%, respectively. Gross margin, operating margin, and net margin were up and at multi-year highs of 49.93%, 24.91%, and 18.62%, respectively. Cash flow from operations of $5.97 was up QoQ and YoY and a multi-year high. The operating expense ratio of 25.02% decreased QoQ to a 4-quarter low.


IBM Balance Sheet Q4 2011 IBM's total assets were +5.70% QoQ and +2.63% YoY to a record $116.43 billion. The capital to assets ratio of 17.381% decreased QoQ and YoY to a 9-quarter low, due to an increase in Treasury Stock and Accumulated Other Comprehensive Loss within the equity accounts. The current ratio of 43.74% is an 8-quarter high. The return on assets of +14.00% dipped slightly but is above the historical average. Total debt at 26.90% of total assets is about the historical average.


IBM Outlook: Full-Year 2012 Expectations IBM said that it expects to deliver full-year 2012 GAAP earnings per share of at least $14.16; and operating (non-GAAP) earnings per share of at least $14.85. The 2012 operating (non-GAAP) earnings exclude $0.69 per share of charges for amortization of purchased intangible assets, other acquisition-related charges, and retirement-related items driven by changes to plan assets and liabilities primarily related to market performance.


IBM Financial Performance by the Quarters IBM Cash Flow per Share and Earnings Per Share Current Cash Flow per Share of $5.97 is a multi-year high. Current Earnings per Share of $4.62 are +44.83% QoQ, +10.53% YoY, and a multi-year high. The chart averages for CFS and EPS are $3.93 and $2.89, respectively.

 
IBM Total Revenues, Operating Income, and Net Income Current Total Revenues of $29.49 billion is +12.70% QoQ, +1.62% YoY, and a multi-year high. Current Operating Income of $7.34 billion is a multi-year high and increased for the 4th consecutive quarter. Current Net Income of $5.49 billion is +42.88% QoQ, +4.43% YoY, and a multi-year high. The chart averages for TR, OI, and NI are $25.76 billion, $5.16 billion, and $3.87 billion.

 

IBM Gross Margin, Operating Margin, and Net Margin Current Gross Margin of 49.93%, Operating Margin of 24.91%, and Net Margin of 18.62% are multi-year highs. The chart averages for GM, OM, and NM are 46.40%, 20.13%, and 14.85%.

 


IBM Return on Assets Current Return on Assets of 14.00% is down QoQ but up YoY. IBM has a large, embedded product financing operation which results inflates assets and lowers ROA. The chart average ROA is 13.47%.

 


IBM Growth Rates YoY Current Total Revenues Growth Rate YoY of +1.62% and Earnings per Share Growth Rate YoY of +10.53% are below the historical average. The chart averages for TRGR and EPSGR are +4.03% and +14.67%, respectively.

 


IBM Segment Revenues Global Technology Services  of $10.75 billion and 34.21% of total revenues is the historical segment leader. Software  of $8.50 billion and 23.68% continues as the #2 segment. Systems and Technology of $5.99 billion and 19.06% has moved up to #3 segment. Global Business Services of $5.07 billion and 16.13% has dropped to #4. Global Financing of $1.12 billion and 3.55% comprises the remainder.

 


IBM Regional Revenues Americas of $12.5 billion and 42.35% of total revenues is the historical regional leader. Europe, Middle East, Africa of $9.6 billion and 32.53% continues as the second highest source. Asia Pacific of $6.7 billion and 22.70% is third. OEM of $714 million and 2.42% comprises the remainder.




IBM Operating Expense Ratio The current Operating Expense Ratio of 25.02% is a 4-quarter low. The chart average OER is 26.84%.

 


IBM REPORTS 2011 FOURTH-QUARTER AND FULL-YEAR RESULTS

ARMONK, N.Y., January 19, 2012 . . . IBM (NYSE: IBM) today announced fourth-quarter 2011 diluted earnings of $4.62 per share, compared with diluted earnings of $4.18 per share in the fourth quarter of 2010, an increase of 11 percent. Operating (non-GAAP) diluted earnings were $4.71 per share, compared with operating diluted earnings of $4.25 per share in the fourth quarter of 2010, an increase of 11 percent.

"We had a strong fourth-quarter performance, capping a year of record earnings per share, revenue, profit and free cash flow," said Ginni Rometty, IBM president and chief executive officer. "We delivered outstanding results in all four of our strategic initiatives for the quarter and the year, as we continued to realize the benefit of our long-term investments in growth markets, business analytics, Smarter Planet solutions and cloud. We are well on track toward our long-term roadmap for operating earnings per share of at least $20 in 2015."

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Microsoft Reports Very Strong Quarter: All-Time High Revenues and EPS

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Microsoft Reports Strong Quarter: All-Time High Revenues and EPS


Microsoft Summary Calendar Q4 2011 Microsoft's financial performance was very strong as Q4 is the best quarter on the annual cycle. Record total revenues and earnings per share were reported. However, a negative trend is emerging. Operating income and net income peaked in Q4 2009 with the 2nd and 3rd best quarters all-time in Q4 2010 and Q4 2011, respectively. Windows & Windows Live segment revenues dropped to 3rd, behind the Business and Servers & Tools segments. Financial position continues very strong, very liquid with $59 billion in cash and investments, and total assets are at a record high of above $112.24 billion. Return on assets is an excellent +22.55%. Calendar Q4 is the annual cyclical peak for Microsoft and should be all-time highs across the board, followed by a dip in calendar Q1 2012. This has not occurred for 2 consecutive Q4's, although EPS has managed to continue upwards. Whether the Microsoft business model has peaked and newer ventures (e.g cloud-based services, smartphones, entertainment) can offset the decline should become evident in 2012.


Microsoft Income Statement Calendar Q4 2011 Microsoft reported record total revenues of $20.89 billion, near-record net income of $6.62 billion, and record earnings per share of $0.78. From the prior calendar quarter Q3 2011, total revenues were up +20.22%, net income up +15.44%, and earnings per share up +14.71%. Compared to the prior calendar year Q4 2010, these were up +4.67%, down -0.15%, and up +1.30%, respectively. Gross margin decreased significantly QoQ and YoY to 73.00%. Operating margin dipped QoQ and YoY to 38.28%. Net margin dipped QoQ and YoY to 31.72%. Cash flow from operations per share dropped cyclically to $0.69.


Microsoft Balance Sheet Calendar Q4 2011 Total assets increased QoQ +4.49% to a record $112.24 billion. The capital to assets ratio increased QoQ and YoY to 57.13%. The current ratio is a very liquid 64.60%. Microsoft is very liquid with strong capital and has $51.74 billion in cash reserves (cash, cash equivalents, and marketable securities). Add noncurrent investments and the reserves are $59.29 billion. Return on assets decreased slightly QoQ to 22.55%. The debt ratio decreased slightly QoQ to a reasonable 10.63% of total assets.


Microsoft Business Outlook Microsoft is revising operating expense guidance downward to $28.5 billion to $28.9 billion for the full year ending June 30, 2012.


Microsoft Financial Performance by the Quarters


Microsoft Cash Flow per Share and Earnings per Share Current Cash flow per Share of $0.69 is -30.77% QoQ, +41.78% YoY, and a 4-quarter low. Earnings per Share of $0.78 are +14.71% QoQ, +1.30% YoY, and an all-time high. The chart averages for CFS and EPS are $0.69 and $0.56, respectively.

 

Microsoft Total Revenues, Operating Income, and Net Income Current Total Revenues of $20.89 billion are +20.22% QoQ, +4.67% YoY, and an all-time high. Current Operating Income of $7.99 billion is an increase QoQ, a decrease YoY, and a 4-quarter high. Current Net Income of $6.62 billion is +15.44% QoQ, -0.15% YoY increase, and a 4-quarter high. The chart averages for TR, OI, and NI are $16.37 billion, $6.20 billion, and $4.92 billion, respectively.

 

Microsoft Gross Margin, Operating Margin, and Net Margin Current Gross Margin of 73.00% is down QoQ and YoY plus a multi-year low. Current Operating Margin of 38.28% is down QoQ and YoY plus a 2-quarter low. Current Net Margin of 31.72% is down QoQ and YoY plus a 6-quarter low. The chart averages for GM, OM, and NM are 78.57%, 41.03%, and 29.62%, respectively.

 

Microsoft Return on Assets Current Return on Assets of 22.55% is down QoQ and YoY plus a 7-quarter low. The ROA chart average is 23.02%.

 

Microsoft Growth Rates YoY Current Total Revenues Growth YoY of +4.67% is a 9-quarter low. The TRG chart average is +5.49%. Current Earnings per Share Growth YoY of +1.30% is a 9-quarter low. The EPSG chart average is +15.86%.

 

Microsoft Segment Revenues Business increased QoQ, leads segments at $6.28 billion, is 30.06% of sales, and is at an all-time high. Server and Tools increased QoQ, is $4.77 billion, is 22.85% of sales, and is at an all-time high. Windows and Windows Live decreased QoQ, fell to 3rd place, is $4.74 billion, is 22.68% of sales, and at a 3-quarter low. Entertainment and Devices increased significantly QoQ to $4.24 billion, 20.29% of sales, and an all-time high. Online Services at $784 million and Other at $77 million comprise 4.12% of sales.

 

Microsoft Operating Expense Ratio The current Operating Expense Ratio of 34.73% is a multi-year low. The OER chart average of 39.58%.

 

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Microsoft to Announce Quarterly Earnings on Thursday, January 19: Strong Quarter Expected

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Microsoft (MSFT) to Announce Quarterly Earnings

Microsoft will report calendar Q4 2011 financial results on Thursday, January 19, after market close. The conference call will be at 2:30 p.m. PT.

Microsoft Future and Past Financial Performance

Estimated Calendar Q4 2011 Earnings per Share (GAAP)

Yahoo Finance Analysts Estimates: $0.77 avg, $0.68 low, $0.82 high, 31 analysts

Prior Quarter: $0.68

Prior Year: $0.77

Microsoft Outlook: none provided

Prior Calendar Q3 2011 Financial Results (GAAP)

When Microsoft reports calendar Q4 2011, the 3 months ended December, financial results on January 19, Microsoft is expected to meet, beat, or miss various prior quarterly results. These prior quarterly GAAP financial results were:

Total Revenues $17.37B

Operating Income $7.20B

Net Income $5.74B

Earnings per Share $0.68

Cash Flow per Share $1.00

Gross Margin 78.26%

Operating Margin 41.46%

Net Margin 33.03%

Summary (GAAP) Overall, Microsoft is expected to beat QoQ and YoY for Total Revenues and Earnings per Share. Q4 is historically the strongest quarter for Microsoft on an annual cycle. Therefore, Microsoft is also expected to beat QoQ and YoY for Operating Income, Net Income, and Cash Flow per Share. Google should at least meet QoQ and YoY for gross, operating, and net margins. In short, this is expected to be the second greatest quarter in Microsoft's history, behind calendar Q4 2010.

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