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Technology Stocks : How high will Microsoft fly?
MSFT 508.84+1.1%12:48 PM EST
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To: Dell-icious who wrote (9491)7/19/1998 9:47:00 PM
From: 16yearcycle  Read Replies (1) of 74651
 
"I suggest you listen to the conference call. Maffei clearly explains the reasons for defering revenue including the fact that some of this money comes from yearlong licensing and subscriptions."

I have listened to every conference call for 6 years.

It is apparent that we will agree to disagree. I am laughing my ass off listening to this crap from the last 2 cfo's. Your examples do nothing to cause me to see it differently. People will join msn throughout the year. Why should they spread out new members revenues throughout the year? You book the revenues as the money comes in. This is as far from real world as it gets.

This is an accounting gimmick to smooth out earnings, nothing more. They started it at the time of win 95 because they wanted to control the stock price and not have it appear that revenues doubled within 6 months, which they in fact did. The truth is that revenues were 1.4 billion higher last year than they show on the statement. It is in msft's best interest to talk the stock down. They have massive amounts of shares they need to buy back for the employee option plan.
High prices cause a potential problem for the employees, too. A steadily rising price works much better for the option plan.

Just my opinion. Long since 1989. Longer since 1993.




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