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What: Shares of Microsoft (NASDAQ: MSFT ) got totally crushed today, down by 12% at the low, after the software giant reported disappointing earnings last night.
So what: Revenue in the quarter came in at $19.9 billion, which translated into earnings per share of $0.59. Both figures were shy of Street forecasts, but perhaps more troubling to investors was a large inventory charge related to Microsoft's Surface RT tablets.
Now what: Microsoft is taking a $900 million charge over its first foray into tablet hardware, which adversely affected the bottom line by $0.07. CFO Amy Hood confirmed that the write-down was partially related to the $150 price cut that was implemented this month. Meanwhile, the struggling PC market continues to take its toll on Microsoft's core businesses as its transition to a devices-and-services company remains uncertain.
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