Microsoft 2011 Annual Report Download - page 78

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78
NOTE 22 — QUARTERLY INFORMATION (Unaudited)
(In millions, except per share amounts)
Quarter Ended September 30 December 31 March 31 June 30 Total
Fiscal Year 2011
Revenue $ 16,195 $ 19,953 $ 16,428 $ 17,367 $ 69,943
Gross profit 13,056 15,120 12,531 13,659 54,366
Net income 5,410 6,634 5,232
(a) 5,874
(b) 23,150
Basic earnings per share 0.63 0.78 0.62 0.70 2.73
Diluted earnings per share 0.62 0.77 0.61 0.69 2.69
Fiscal Year 2010
Revenue $ 12,920
(d) $ 19,022
(c) $ 14,503 $ 16,039 $ 62,484
Gross profit 10,078 15,394 11,748 12,869 50,089
Net income 3,574 6,662 4,006 4,518 18,760
Basic earnings per share 0.40 0.75 0.46 0.52 2.13
Diluted earnings per share 0.40 0.74 0.45 0.51 2.10
(a) Includes a partial settlement of an I.R.S. audit of tax years 2004 to 2006, which increased net income by
$461 million.
(b) Reflects an effective tax rate of 7% due mainly to the adjustment of our previously estimated effective tax
rate for the year to reflect the actual full year mix of foreign and U.S. taxable income. In addition, upon
completion of our annual domestic and foreign tax returns, we adjusted the estimated tax provision to reflect
the tax returns filed and recorded an income tax benefit which lowered our effective tax rate.
(c) Reflects $1.7 billion of revenue recognized for sales of Windows Vista with a guarantee to be upgraded to
Windows 7 at minimal or no cost and of Windows 7 to original equipment manufacturers and retailers before
general availability (the “Windows 7 Deferral”).
(d) Reflects $1.5 billion of revenue deferred to future periods relating to the Windows 7 Deferral.