BTW, did you see the 'Softee report? It's been touted all over that they "Beat the number". Upon further review, Hmmm what's this?
biz.yahoo.com
Three Months Ended
Sept. 30
1999 2000
Revenue $5,384 $5,800
Operating expenses:
Cost of revenue 712 859
Research and development 813 956
Sales and marketing 922 1,038
General and administrative 148 170
Total operating expenses 2,595 3,023
Operating income 2,789 2,777
Losses on equity investees and other (19) (52)
Investment income 550 1,127
Income before income taxes 3,320 3,852
Provision for income taxes 1,129 1,271
Income before accounting change 2,191 2,581
Cumulative effect of accounting change 0 (375)
Net income $2,191 $2,206
Earnings per share:
Basic before accounting change $ 0.43 $ 0.49
Diluted before accounting change $ 0.40 $ 0.46
Basic $ 0.43 $ 0.42
Diluted $ 0.40 $ 0.40
It seems that 'Soft actually had a LOWER operating income in '00 than in '99! They chalked up almost twice the investment gain (about 600 million more) in '00 than in '99. All of this recorded "above the line", natch. Amazing what nonsense people will buy, even at this decaying phase of the Mania..... |
