Microsoft Corp. (NYSE:MSFT) reported a 10 percent profit increase for its fiscal fourth quarter on Thursday amid the company's recent restructuring, which it hopes will lead to further growth.
The Redmond, Wash., company reported a net income of $4.97 billion and earnings per share of $0.59 compared with a net loss of $492 million and $0.06 EPS in the year-earlier period. The company also reported revenue of $19.9 billion compared with $18.06 billion in last year’s fourth quarter.
Despite the profit increase, Microsoft's earnings fell just short of analysts' expectations of $20.77 billion and $0.74 EPS. The profit hit is credited to the $900 million writedown related to Microsoft's Surface RT tablet, which recently had its price slashed by $150.
Fionna Agomuoh is a Technology Reporter for the International Business Times, a vegan foodie, and a lover of Electric Dance Music.