Shares of Microsoft were falling 0.9% to $39.45.
The new Office for iPad is broken down to three apps that are now available in the App Store. Microsoft Word, PowerPoint, and Excel each get their free apps that let users view documents. Editing or creating new documents requires an Office 365 subscription which starts at $70 a year for home users.
Microsoft CEO Satya Nadella said the company is now pursuing a vision of "ubiquitous computing and ambient intelligence." Bringing Office to the iPad is one part of that vision. When Nadella was named CEO of Microsoft he said he would put cloud and mobile first for the company.
At the event Nadella also said Microsoft is working on an enterprise mobility suite which includes services such as device and app management. The suite would compete with similar services from BlackBerry (BBRY) and VMWare (VMW), though Microsoft hasn't announced when it will roll out the suite.
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TheStreet Ratings team rates MICROSOFT CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MICROSOFT CORP (MSFT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, attractive valuation levels and solid stock price performance. We feel these strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- MSFT's revenue growth has slightly outpaced the industry average of 10.9%. Since the same quarter one year prior, revenues rose by 14.3%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share.
- Although MSFT's debt-to-equity ratio of 0.27 is very low, it is currently higher than that of the industry average. Along with this, the company maintains a quick ratio of 2.96, which clearly demonstrates the ability to cover short-term cash needs.
- Current return on equity exceeded its ROE from the same quarter one year prior. This is a clear sign of strength within the company. Compared to other companies in the Software industry and the overall market, MICROSOFT CORP's return on equity significantly exceeds that of both the industry average and the S&P 500.
- Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 42.43% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, MSFT should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
- You can view the full analysis from the report here: MSFT Ratings Report