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."