Microsoft, Chipotle: After-Hours Trading

NEW YORK ( TheStreet) -- Shares of Microsoft ( MSFT) were down in late trades after the Dow component reported a year-over-year decline in operating income for its fiscal first quarter, citing slow PC demand ahead of its Windows 8 launch.

On a non-GAAP basis, the Redmond, Wash.-based software giant reported earnings of 65 cents a share on revenue of $17.36 billion for the three months ended Sept. 30. Non-GAAP results include revenue deferred in relation to the company's Windows Upgrade Offer, Windows 8 Pre-sales, and its Office Offer.

On a GAAP basis, excluding this revenue, Microsoft earned $4.47 billion, or 53 cents a share, in the quarter on revenue of $16.01 billion. Operating income fell to $5.31 billion in the quarter from $7.20 billion last year.

The average estimate of analysts polled by Thomson Reuters was for a profit of 56 cents a share in the September-ended period on revenue of $16.42 billion.

"While enterprise revenue continued to grow and we managed our expenses, the slowdown in PC demand ahead of the Windows 8 launch resulted in a decline in operating income," said Peter Klein, the company's chief financial officer, in a in a statement. "Multi-year licensing revenue grew double-digits across Windows, Server & Tools, and Microsoft Business Division products as businesses commit to our technology roadmap."

Microsoft also reaffirmed an outlook for fiscal 2013 expenses of $30.3 billion to $30.9 billion.

Windows 8 is expected to be generally available on Oct. 26, and Microsoft CEO Steve Ballmer called the release "the beginning of a new era" at the company in his earnings commentary.

""Investments we've made over a number of years are now coming together to create a future of exceptional devices and services, with tremendous opportunity for our customers, developers, and partners," he added.

The stock was last quoted at $28.87, down 2.1%, on after-hours volume of 5.64 million, according to Nasdaq.com.

Chipotle Mexican Grill ( MSFT) was under heavy selling pressure after the restaurant operator reported below-consensus third-quarter results and said it sees flat to low single-digit same-store sales in 2013.

The Denver-based company posted earnings of $72.3 million, or $2.27 a share, for the September-ended quarter on revenue of $700.5 million, missing Wall Street's average view for a profit of $2.30 a share on revenue of $702.2 million.

The stock was last quoted at $256, off 10.5%, on volume of nearly 700,000.

Same-store sales rose 4.8% in the quarter, and general and administrative costs came in at 6.9% of revenue, an increase of 60 basis points from the same period a year earlier.

Other stocks active in late trades included Advanced Micro Devices ( AMD), which was up incrementally on volume of more than 1.1 million after the ailing chip maker reported a deep third-quarter loss, said it plans to cut 15% of its workforce, and forecast a sequential decrease in revenue of 9% or so for the fourth quarter; Riverbed Technology ( RVBD), whose stock jumped more than 10% to $22.89 on volume of more than 1.3 million after the company handily beat the average analyst view for its third-quarter results with earnings of 28 cents a share on revenue of $218.6 million; and Marvell Technology ( MRVL), whose shares were off 11.1% to $7.85 on volume of 1.4 million after semiconductor company lowered its third-quarter outlook and said Clyde Hosein is resigning from the chief financial officer position.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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