Microsoft (MSFT) Blows It... Could Blow The Entire Tech Rally

Microsoft (Nasdaq: MSFT) reported its much-anticipated fourth quarter results after the close and by all measures the results were awful. The news will not bode well for the 12-day rally in the tech-heavy NASDAQ (Nasdaq: QQQQ).

First on the top-line, Microsoft reported revenue of $13.10 billion which is down 17% from last year and well below the consensus of $14.37 billion. In fact, Microsoft even missed the "Street low" revenue estimate of $13.65 billion. Operating income, net income and diluted earnings per share for the quarter were $3.99 billion, $3.05 billion and $0.34 per share, which represented declines of 30%, 29% and 26%, respectively, when compared with the prior year period. The headline EPS of $0.34, may not compare to the consensus of $0.36.

UPDATE: Click here to see some highlights from Microsoft's Q2 conference call.

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