Microsoft Has a Good Quarter but Shaves Outlook

Updated from 7:03 p.m. EDT

Software colossus Microsoft(MSFT Quote) reported fourth-quarter results Thursday that beat Wall Street estimates after excluding an $806 million investment-impairment charge. The company lowered guidance modestly for the fiscal full-year 2003.

For the fourth quarter ended in June, the world's largest software maker posted net income of $1.53 billion, or 28 cents a share, including an after-tax charge for investment impairments of $806 million, or 15 cents a share. Without that charge, net income came in at 43 cents a share. A year ago, the company earned $65 million, or 1 cent a share. That included after-tax charges for investment impairments of $2.63 billion, or 47 cents a share.

The Redmond, Wash., company said revenue rose 10% to $7.25 billion from $6.58 billion reported a year ago. Revenue was flat sequentially. ...