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A computing device should be not just a tool, but a partner. Windows 10 is the cornerstone of our ambition to usher in this era of more personal computing.

We consider the launch of Windows 10 in July to be a transformative moment as we moved from an operating system that runs on a PC to a service that can power the full spectrum of devices.

We developed Windows 10 not only to be familiar to our users, but more safe, secure, and always up-to-date.

Windows 10 is more personal and productive with functionality such as Cortana, Windows Hello, Windows Ink, Microsoft Edge, and universal applications.

Windows 10 is designed to foster innovation — from us, our partners, and developers — through rich and consistent experiences across the range of existing devices and entirely new device categories.

Our ambition for Windows 10 is to broaden our economic opportunity through three key levers: Our OEM partners are investing in an extensive portfolio of hardware designs and configurations for Windows We now have the widest range of Windows hardware ever available.

With the unified Windows operating system, developers and OEMs can contribute to a thriving Windows ecosystem. We invest heavily to make Windows the most secure, manageable, and capable operating system for the needs of a modern workforce.

We are working to create a broad developer opportunity by unifying the installed base to Windows 10 through upgrades and ongoing updates, and by enabling universal Windows applications to run across all device targets.

As part of our strategic objectives, we are committed to designing and marketing first-party devices to help drive innovation, create new categories, and stimulate demand in the Windows ecosystem.

There are several distinct areas of technology that we aim to drive forward. Our goal is to lead the industry in these areas over the long-term, which we expect will translate to sustained growth.

We are investing significant resources in:. We believe the breadth of our products and services portfolio, our large global partner and customer base, our growing ecosystem, and our ongoing investment in innovation position us to be a leader in these areas and differentiate ourselves from competitors.

Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses.

In June , we announced a change in organizational structure to align to our strategic direction as a productivity and platform company. During the first quarter of fiscal year , our chief operating decision maker, who is also our Chief Executive Officer, requested changes in the information that he regularly reviews for purposes of allocating resources and assessing performance.

As a result, beginning in fiscal year , we report our financial performance based on our new segments, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.

Additional information on our operating segments and geographic and product information is contained in Note 21 — Segment Information and Geographic Data of the Notes to Financial Statements.

Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms.

This segment primarily comprises:. Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services.

Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets such as security, analytics, collaboration, unified communications, and business intelligence.

Office Commercial revenue is mainly affected by a combination of the demand from commercial customers for volume licensing and Software Assurance and the number of information workers in an enterprise, as well as the continued shift to Office Office is our cloud-based service that provides access to Office plus other productivity services.

CALs provide access rights to certain Office Commercial products and services, including Exchange, SharePoint, and Skype for Business, and revenue is reported along with the associated Office products and services.

Office Consumer is designed to increase personal productivity through a range of products and services. Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets.

Office Consumer revenue is mainly affected by the combination of customers that buy Office with their new devices and the continued shift to Office Office Consumer Services revenue is mainly affected by the demand for communication and storage through Skype, Outlook.

Skype is designed to connect friends, family, clients, and colleagues through a variety of devices. Dynamics revenue is largely driven by the number of information workers licensed.

Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business. Google provides a hosted messaging and productivity suite.

Apple distributes versions of its pre-installed application software, such as email, note-taking, and calendar products, through its PCs, tablets, and phones.

Skype for Business and Skype also compete with a variety of instant messaging, voice, and video communication providers, ranging from start-ups to established enterprises.

Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products.

We believe our products compete effectively based on our strategy of providing powerful, flexible, secure, and easy-to-use solutions that work well with technologies our customers already have and are available on a device or via the cloud.

Our Dynamics products compete with vendors such as Oracle and SAP in the market for large organizations and divisions of global enterprises.

In the market focused on providing solutions for small and mid-sized businesses, our Dynamics products compete with vendors such as Infor, The Sage Group, and NetSuite.

Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business.

Our server products are designed to make IT professionals, developers, and their systems more productive and efficient.

Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system.

This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software.

We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers. Server products and cloud services revenue is mainly affected by purchases through volume licensing programs, licenses sold to OEMs, and retail packaged products.

CALs provide access rights to certain server products, including SQL Server and Windows Server, and revenue is reported along with the associated server product.

Azure is a scalable cloud platform with computing, networking, storage, database, and management, along with advanced services such as analytics, and comprehensive solutions such as Enterprise Mobility Suite.

Azure includes a flexible platform that helps developers build, deploy, and manage enterprise, mobile, web, and Internet of Things applications, for any platform or device without having to worry about the underlying infrastructure.

Azure enables customers to devote more resources to development and use of applications that benefit their organizations, rather than managing on-premises hardware and software.

Enterprise Services, including Premier Support Services and Microsoft Consulting Services, assist customers in developing, deploying, and managing Microsoft server and desktop solutions and provide training and certification to developers and IT professionals on various Microsoft products.

Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches.

Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware.

Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development.

The competitive position of Linux has also benefited from the large number of compatible applications now produced by many commercial and non-commercial software developers.

A number of companies, such as Red Hat, supply versions of Linux. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity both Internet and intranet , security, hosting, database, and e-business servers.

IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions.

In middleware, we compete against Java vendors. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, and other companies.

We believe our server products provide customers with advantages in performance, total costs of ownership, and productivity by delivering superior applications, development tools, compatibility with a broad base of hardware and software applications, security, and manageability.

Our Enterprise Services business competes with a wide range of companies that provide strategy and business planning, application development, and infrastructure services, including multinational consulting firms and small niche businesses focused on specific technologies.

Our More Personal Computing segment consists of products and services geared towards harmonizing the interests of end users, developers, and IT professionals across screens of all sizes.

The Windows operating system is designed to deliver a more personal computing experience for users by enabling consistency of experience, applications, and information across their devices.

Windows revenue is impacted significantly by the number of Windows operating system licenses purchased by OEMs, which they pre-install on the devices they sell.

In addition to computing device market volume, Windows revenue is impacted by:. Volume licensing of the Windows operating system is affected mainly by the demand from commercial customers for volume licensing and Software Assurance, often reflecting the number of information workers in a licensed enterprise, and is therefore relatively independent of the number of PCs sold in a given year.

Patent licensing includes our programs to license patents across a broad array of technology areas, including mobile devices and cloud offerings.

Windows Embedded extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services.

Display advertising primarily includes MSN ads. The Windows Phone operating system is designed to bring users closer to the people, applications, and content they need.

We design, manufacture, and sell devices such as Surface, phones, and other intelligent devices, as well as PC accessories.

Our devices are designed to enable people and organizations to connect to the people and content that matter most using integrated Microsoft services and Windows.

Surface is designed to help organizations, students, and consumers to be more productive. In July , we announced a plan to restructure our phone business to better focus and align resources.

In May , we announced plans to further streamline our smartphone hardware business. We also recently announced the sale of our entry-level feature phone business in May The transaction is expected to close in the second half of , subject to regulatory approvals and other closing conditions.

Our gaming platform is designed to provide a unique variety of entertainment through the use of our devices, peripherals, applications, online services, and content.

We also launched our Windows 10 Xbox app in July Xbox Live enables people to connect and share online gaming experiences and is accessible on Xbox consoles, Windows-enabled devices, and other devices.

Xbox Live services consist of subscriptions and sales of Xbox Live enabled content, as well as advertising, and are designed to benefit users by providing access to a network of certified applications and services and to benefit our developer and partner ecosystems by providing access to a large customer base.

We also design and sell gaming content to showcase our unique platform capabilities for Xbox consoles, Windows-enabled devices, and other devices.

The addition of Minecraft and its community enhances our gaming portfolio across Windows, Xbox, and other ecosystems besides our own. We believe the success of our gaming business is determined by the overall active user base through Xbox Live enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences via online services, downloadable content, and peripherals.

Search advertising, including Bing and Bing Ads, is designed to deliver relevant online advertising to a global audience.

We have several partnerships with other companies, including Yahoo! Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings.

The Windows operating system faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google.

We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity.

Our devices face competition from various computer, tablet, hardware, and phone manufacturers, and offer a unique combination of high-quality industrial design and innovative technologies across various price points, many of which are also current or potential partners and customers.

Our gaming platform competes with console platforms from Sony and Nintendo, both of which have a large, established base of customers.

The lifecycle for gaming and entertainment consoles averages five to ten years. Nintendo released their latest generation console in November Sony released their latest generation console in November In addition to Sony and Nintendo, we compete with other providers of entertainment services through online marketplaces.

We believe our gaming platform is effectively positioned against competitive products and services based on significant innovation in hardware architecture, user interface, developer tools, online gaming and entertainment services, and continued strong exclusive content from our own game franchises as well as other digital content offerings.

Our video games competitors include Electronic Arts and Activision Blizzard. Xbox Live faces competition from various online marketplaces, including those operated by Amazon, Apple, and Google.

Our search advertising business competes with Google and a wide array of websites, social platforms like Facebook, and portals that provide content and online offerings to end users.

We have operations centers that support all operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics.

In addition to the operations centers, we also operate datacenters throughout the Americas, Australia, Europe, and Asia.

To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions.

Localizing a product may require modifying the user interface, altering dialog boxes, and translating text.

We operate manufacturing facilities for the production and customization of phones, predominantly in Vietnam. We announced the sale of our entry-level feature phone business in May , which includes the sale of our phone manufacturing facility in Vietnam.

Our devices, other than phones, are primarily manufactured by third-party contract manufacturers. We generally have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements.

We plan to continue to make significant investments in a broad range of research and development efforts. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services.

It also gives us the freedom to decide which modifications and enhancements are most important and when they should be implemented. We strive to obtain information as early as possible about changing usage patterns and hardware advances that may affect software design.

Before releasing new software platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing.

Generally, we also create product documentation internally. We protect our intellectual property investments in a variety of ways.

We work actively in the U. We are a leader among technology companies in pursuing patents and currently have a portfolio of over 61, U.

From time to time, we enter into broader cross-license agreements with other technology companies covering entire groups of patents. We also purchase or license technology that we incorporate into our products or services.

At times, we make select intellectual property broadly available at no or low cost to achieve a strategic objective, such as promoting industry standards, advancing interoperability, or attracting and enabling our external development community.

While it may be necessary in the future to seek or renew licenses relating to various aspects of our products and business methods, we believe, based upon past experience and industry practice, such licenses generally could be obtained on commercially reasonable terms.

We believe our continuing research and product development are not materially dependent on any single license or other agreement with a third party relating to the development of our products.

We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the company.

Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, and devices operating systems and hardware.

While our main research and development facilities are located in Redmond, Washington, we also operate research and development facilities in other parts of the U.

This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world.

We generally fund research at the corporate level to ensure that we are looking beyond immediate product considerations to opportunities further in the future.

We also fund research and development activities at the business segment level. Much of our business segment level research and development is coordinated with other segments and leveraged across the company.

In addition to our main research and development operations, we also operate Microsoft Research. We market and distribute our products and services through the following channels: OEMs, distributors and resellers, online, and Microsoft retail stores.

Our sales force performs a variety of functions, including working directly with enterprises and public sector organizations worldwide to identify and meet their software requirements; managing OEM relationships; and supporting solution integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products.

We distribute software through OEMs that pre-install our software on new devices and servers they sell. The largest component of the OEM business is the Windows operating system pre-installed on computing devices.

OEMs also sell hardware pre-installed with other Microsoft products, including server and embedded operating systems and applications such as our Microsoft Office suite.

In addition to these products, we also market our services through OEMs and service bundles such as Windows with Bing or Windows with Office subscription.

There are two broad categories of OEMs. Although each type of reselling partner reaches organizations of all sizes, LSPs are primarily engaged with large organizations, distributors resell primarily to VARs, and VARs typically reach small- and medium-sized organizations.

Our Dynamics software offerings are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services.

We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets.

Individual consumers obtain these products primarily through retail outlets, including Microsoft retail stores.

We distribute our devices through third-party retailers and Microsoft retail stores. Our phones are also distributed through global wireless communications carriers.

We have a network of field sales representatives and field support personnel that solicit orders from distributors and resellers, and provide product training and sales support.

Although on-premises software continues to be an important part of our business, increasingly we are delivering additional value to customers through cloud-based services.

Other services delivered online include our online advertising platform with offerings for advertisers and publishers, as well as Microsoft Developer Network subscription content and updates, periodic product updates, and online technical and practice readiness resources to support our partners in developing and selling our products and solutions.

As we increasingly deliver online services, we sell many of these cloud-based services through our enterprise agreements and have also enabled new sales programs to reach small and medium-sized businesses.

These programs include direct sales, direct sales supported by a large network of partner advisors, and resale of services through operator channels, such as telephone, cell, and cable providers.

We license software to organizations under agreements that allow the customer to acquire multiple licenses of products and services. Our agreements for organizations to acquire multiple licenses of products and services are designed to provide them with a means of doing so without having to acquire separate licenses through retail channels.

In delivering organizational licensing agreements to the market, we use different programs designed to provide flexibility for organizations of various sizes.

While these programs may differ in various parts of the world, generally they include those discussed below.

Designed primarily for medium- and large-sized organizations that want to obtain the best value by standardizing on a common IT platform across their organization.

Software Assurance also provides support, tools, and training to help customers deploy and use software efficiently. Enterprises can elect to acquire perpetual licenses or, under the Enterprise Subscription option, can acquire non-perpetual, subscription licenses for a specified period generally three years.

Online services are also available, and subscriptions are generally structured with three-year terms. Software Assurance and online services subscriptions are generally available for a term of up to three years.

We plan on expanding the offers under the MPSA in fiscal year to better enable organizations to obtain the best value by standardizing on a common IT platform across their organization.

Similar to Open programs, the Select Plus program allows customers to acquire licenses only, acquire licenses with Software Assurance, or renew Software Assurance upon the expiration of existing volume licensing agreements.

A subset of online services is also available for purchase through the Select Plus program, and subscriptions are generally structured with terms between one and three years.

In July , we announced the retirement over a two-year period of Select Plus agreements for commercial customers, in favor of modern licensing options.

Beginning July , no new Select Plus agreements were signed with commercial organizations, and customers who want to purchase licenses were encouraged to transition to the MPSA.

Starting in July , we will no longer be accepting orders from commercial organizations for Select Plus after their next agreement anniversary.

Under the Open Value and Open Value Subscription programs, customers can acquire perpetual or subscription licenses, respectively, over a three-year period.

Online services are available in each of the Open programs. Microsoft Online Subscription Agreement is designed to enable small and medium-sized businesses to easily purchase Microsoft Online Services.

The program allows customers to acquire monthly or annual subscriptions for cloud-based services. The Microsoft Cloud Solution Provider program enables partners to directly manage their entire Microsoft cloud customer lifecycle.

Partners in this program use dedicated tools to directly provision, manage, and support their customer subscriptions. Partners can easily package their own tools, products, and services, and combine them into one monthly or annual customer bill.

The Microsoft Services Provider License Agreement is a program targeted at service providers and independent software vendors allowing these partners to provide software services and hosted applications to their end customers.

Agreements are generally structured with a three-year term, and partners are billed monthly based upon consumption. The Independent Software Vendor Royalty program enables partners to use Microsoft software in their own software programs.

Our customers include individual consumers, small- and medium-sized organizations, large global enterprises, public sector institutions, Internet service providers, application developers, and OEMs.

Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant.

As of June 30, , we employed approximately , people on a full-time basis, 63, in the U. Of the total employed people, 38, were in operations, including manufacturing, distribution, product support, and consulting services; 37, in product research and development; 29, in sales and marketing; and 10, in general and administration.

Certain employees are subject to collective bargaining agreements. In June , management approved a restructuring plan that eliminated approximately 7, positions in fiscal year , primarily in our phone hardware business.

In the fourth quarter of , management approved restructuring plans that would result in job eliminations, primarily across our smartphone hardware business and global sales.

In addition to the elimination of 1, positions that were announced in May , approximately 2, roles globally will be reduced during the year as an extension of the earlier plan, and these actions are expected to be completed by the end of fiscal year Our Internet address is www.

At our Investor Relations website, www. Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including:.

The information found on our website is not part of this or any other report we file with, or furnish to, the SEC. In addition to these channels, we use social media to communicate to the public.

It is possible that the information we post on social media could be deemed to be material to investors. We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website.

We generate revenue by licensing and supporting an array of software products, by offering a wide range of services, including cloud-based services to consumers and businesses, by designing, manufacturing, and selling devices that integrate with our cloud-based services, and by delivering relevant online advertising to a global audience.

Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes.

Much of our focus in fiscal year was toward transforming our organization to support our strategy of building best-in-class platforms and productivity services for a mobile-first, cloud-first world.

We achieved product development milestones, implemented organizational changes, and made strategic and tactical moves to support the three central ambitions that support our strategy: We will finance the transaction primarily through the issuance of new indebtedness.

The acquisition is anticipated to accelerate the growth of LinkedIn, as well as Office and Dynamics. Part of this strategy involves focusing our phone devices on a narrower range of customer categories and differentiating through the combination of hardware and software we are uniquely positioned to offer.

As anticipated, our change in phone strategy resulted in a reduction in units sold and associated expenses in fiscal year , and this trend is expected to continue in fiscal year Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models.

Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business.

At Microsoft, we push the boundaries of what is possible through a broad range of research and development activities that seek to identify and address the changing demands of customers and users, industry trends, and competitive forces.

The market for software, devices, and cloud-based services is dynamic and highly competitive. Our competitors are developing new software and devices, while also deploying competing cloud-based services for consumers and businesses.

We must continue to evolve and adapt over an extended time in pace with this changing environment. The investments we are making in devices and infrastructure will continue to increase our operating costs and may decrease our operating margins.

Our success is highly dependent on our ability to attract and retain qualified employees. We hire a mix of university and industry talent worldwide.

Aggregate demand for our software, services, and devices is correlated to global macroeconomic and geopolitical factors, which remain dynamic.

Our international operations provide a significant portion of our total revenue and expenses. Many of these revenue and expenses are denominated in currencies other than the U.

As a result, changes in foreign exchange rates may significantly affect revenue and expenses. The strengthening of the U.

See a discussion of these factors and other risks under Risk Factors in our fiscal year Form K. Our revenue historically has fluctuated quarterly and has generally been highest in the second quarter of our fiscal year due to corporate calendar year-end spending trends in our major markets and holiday season spending by consumers.

If our customers choose to license cloud-based versions of our products and services rather than licensing transaction-based products and services, the associated revenue will shift from being recognized at the time of the transaction to being recognized over the subscription period or upon consumption, as applicable.

As a result, we have separately disclosed product revenue and service and other revenue on our consolidated income statements. Product revenue includes sales from operating systems; cross-device productivity applications; server applications; business solution applications; desktop and server management tools; software development tools; video games; hardware such as PCs, tablets, gaming and entertainment consoles, phones, other intelligent devices, and related accessories; and training and certification of computer system integrators and developers.

Service and other revenue includes sales from cloud-based solutions that provide customers with software, services, platforms, and content such as Office , Azure, Dynamics CRM Online, and Xbox Live; solution support; and consulting services.

Service and other revenue also includes sales from online advertising. Segment information appearing in Note 21 — Segment Information and Geographic Data of the Notes to Financial Statements is also presented on this basis.

As a result, beginning in fiscal year , we report our financial performance based on our new segments, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing, and analyze operating income as the measure of segment profitability.

We have recast certain previously reported amounts to conform to the way we internally manage and monitor segment performance. We expect to report the financial performance of LinkedIn as part of our Productivity and Business Processes segment.

Additional information on our reportable segments is contained in Note 21 — Segment Information and Geographic Data of the Notes to Financial Statements.

Windows 10 revenue is primarily recognized at the time of billing in the More Personal Computing segment, and the deferral and subsequent recognition of revenue is reflected in Corporate and Other.

More Personal Computing revenue decreased, mainly due to lower revenue from Devices and Windows, offset in part by higher revenue from search advertising and Gaming.

Intelligent Cloud revenue increased, primarily due to higher revenue from server products and cloud services and Enterprise Services. Productivity and Business Processes revenue increased slightly, driven by an increase in Office and Dynamics revenue.

Productivity and Business Processes and More Personal Computing gross margin decreased, offset in part by higher gross margin from Intelligent Cloud.

More Personal Computing revenue increased, primarily due to higher revenue from Devices, search advertising and Gaming, offset in part by a decline in Windows revenue.

Intelligent Cloud revenue increased, primarily due to higher revenue from server products and cloud services. Key changes in expenses were:.

Productivity and Business Processes revenue increased slightly, primarily due to an increase in Office and Dynamics revenue.

Corporate and Other revenue primarily comprises certain revenue deferrals, including those related to Windows 10, Bundled Offerings, and video games.

Corporate and Other operating income loss primarily comprises revenue deferrals and corporate-level activity not specifically allocated to a segment, including impairment, integration, and restructuring expenses.

Research and development expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with product development.

Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code.

Sales and marketing expenses include payroll, employee benefits, stock-based compensation expense, and other headcount-related expenses associated with sales and marketing personnel and the costs of advertising, promotions, trade shows, seminars, and other programs.

General and administrative expenses include payroll, employee benefits, stock-based compensation expense, severance expense, and other headcount-related expenses associated with finance, legal, facilities, certain human resources and other administrative personnel, certain taxes, and legal and other administrative fees.

Impairment, integration, and restructuring expenses include costs associated with the impairment of goodwill and intangible assets related to our phone business, employee severance expenses and costs associated with the consolidation of facilities and manufacturing operations related to restructuring activities, and systems consolidation and other business integration expenses associated with our acquisition of NDS.

Our annual goodwill impairment test as of May 1, indicated that the carrying value of our previous Phone Hardware reporting unit goodwill exceeded its estimated fair value.

All remaining goodwill and intangible assets are included in our Devices reporting unit, within More Personal Computing under our current segment structure.

We use derivative instruments to: Gains and losses from changes in fair values of derivatives that are not designated as hedges are primarily recognized in other income expense , net.

Other than those derivatives entered into for investment purposes, such as commodity contracts, the gains losses are generally economically offset by unrealized gains losses in the underlying available-for-sale securities and gains losses on certain balance sheet amounts from foreign exchange rate changes.

Dividends and interest income increased due to higher portfolio balances and slightly higher yields on fixed-income securities.

Interest expense increased due to higher outstanding long-term debt. Net recognized gains on investments decreased primarily due to higher other-than-temporary impairments and lower gains on sales of fixed-income securities, offset in part by higher gains on sales of equity securities.

Net losses on derivatives increased due to higher losses on currency and equity contracts and lower gains on interest rate contracts in the current period as compared to the prior period, offset in part by lower losses on commodity contracts.

For fiscal year , other reflects recognized losses from divestitures and certain joint ventures. Dividends and interest income decreased due to lower yields on fixed-income securities, offset in part by higher portfolio balances.

Net recognized gains on investments increased primarily due to higher gains on sales of equity securities, offset in part by higher other-than-temporary impairments.

Net losses on derivatives increased due to losses on commodity contracts in fiscal year as compared to gains in fiscal year , offset in part by lower losses on currency and equity contracts.

For fiscal year , other reflects recognized losses from certain joint ventures and divestitures. Our effective tax rate was lower than the U.

The decrease in our effective tax rate for fiscal year compared to fiscal year was primarily due to changes in the mix of our income before income taxes between the U.

The fiscal year effective tax rate included the tax impact of losses in foreign jurisdictions for which we may not realize a tax benefit, primarily as a result of impairment and restructuring charges.

The mix of income before income taxes between the U. We supply our Windows PC operating system to customers through our U.

In fiscal year , our U. Net revenue deferrals related to sales of Windows 10 negatively impacted our fiscal year U. Impairment, integration, and restructuring expense relating to our phone business decreased our fiscal year U.

On July 27, , the U. Tax Court issued an opinion in Altera Corp. Commissioner related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement.

This decrease relates primarily to tax credits available for carryover and a partial settlement of the IRS audit for tax years to , offset by increases relating to intercompany transfer pricing.

While we settled a portion of the IRS audit for tax years to during the third quarter of fiscal year , and settled a portion of the IRS audit for tax years to during the first quarter of fiscal year , we remain under audit for those years.

In February , the IRS withdrew its Revenue Agents Report for tax years to and reopened the audit phase of the examination. As of June 30, , the primary unresolved issue relates to transfer pricing, which could have a significant impact on our consolidated financial statements if not resolved favorably.

We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months.

Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months.

We also continue to be subject to examination by the IRS for tax years to We are subject to income tax in many jurisdictions outside the U.

Our operations in certain jurisdictions remain subject to examination for tax years to , some of which are currently under audit by local tax authorities.

The resolutions of these audits are not expected to be material to our consolidated financial statements. In fiscal year , this reduction was mostly offset by losses in foreign jurisdictions for which we may not realize a tax benefit, primarily as a result of impairment and restructuring charges.

Changes in the mix of income before income taxes between the U. In fiscal years and , our U. Our short-term investments are primarily intended to facilitate liquidity and for capital preservation.

They consist predominantly of highly liquid investment-grade fixed-income securities, diversified among industries and individual issuers.

The investments are predominantly U. Our fixed-income investments are exposed to interest rate risk and credit risk. The credit risk and average maturity of our fixed-income portfolio are managed to achieve economic returns that correlate to certain fixed-income indices.

The settlement risk related to these investments is insignificant given that the short-term investments held are primarily highly liquid investment-grade fixed-income securities.

The remaining cash equivalents and short-term investments held by our foreign subsidiaries were invested in foreign securities.

We lend certain fixed-income and equity securities to increase investment returns. The loaned securities continue to be carried as investments on our consolidated balance sheets.

Collateral received is recorded as an asset with a corresponding liability. Intra-year variances in the amount of securities loaned are mainly due to fluctuations in the demand for the securities.

In general, and where applicable, we use quoted prices in active markets for identical assets or liabilities to determine the fair value of our financial instruments.

This pricing methodology applies to our Level 1 investments, such as exchange-traded mutual funds, domestic and international equities, and U.

If quoted prices in active markets for identical assets or liabilities are not available to determine fair value, then we use quoted prices for similar assets and liabilities or inputs other than the quoted prices that are observable either directly or indirectly.

This pricing methodology applies to our Level 2 investments such as corporate notes and bonds, common and preferred stock, foreign government bonds, mortgage- and asset-backed securities, U.

Level 3 investments are valued using internally developed models with unobservable inputs. Assets and liabilities measured at fair value on a recurring basis using unobservable inputs are an immaterial portion of our portfolio.

A majority of our investments are priced by pricing vendors and are generally Level 1 or Level 2 investments as these vendors either provide a quoted market price in an active market or use observable inputs for their pricing without applying significant adjustments.

Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors, or when a broker price is more reflective of fair values in the market in which the investment trades.

Our broker-priced investments are generally classified as Level 2 investments because the broker prices these investments based on similar assets without applying significant adjustments.

In addition, all of our broker-priced investments have a sufficient level of trading volume to demonstrate that the fair values used are appropriate for these investments.

Our fair value processes include controls that are designed to ensure appropriate fair values are recorded. These controls include model validation, review of key model inputs, analysis of period-over-period fluctuations, and independent recalculation of prices where appropriate.

We issued debt to take advantage of favorable pricing and liquidity in the debt markets, reflecting our credit rating and the low interest rate environment.

The proceeds of these issuances were or will be used for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt.

Unearned revenue as of June 30, was comprised mainly of unearned revenue from volume licensing programs.

Unearned revenue from volume licensing programs represents customer billings for multi-year licensing arrangements paid for either at inception of the agreement or annually at the beginning of each coverage period and accounted for as subscriptions with revenue recognized ratably over the coverage period.

Unearned revenue as of June 30, also included payments for: Windows 10 licenses; post-delivery support and consulting services to be performed in the future; Office subscriptions; Xbox Live subscriptions; Microsoft Dynamics business solutions products; Skype prepaid credits and subscriptions; Bundled Offerings; and other offerings for which we have been paid in advance and earn the revenue when we provide the service or software, or otherwise meet the revenue recognition criteria.

The following table outlines the expected future recognition of unearned revenue as of June 30, While the program has no expiration date, we intend to complete it by December 31, We provide indemnifications of varying scope and size to certain customers against claims of intellectual property infringement made by third parties arising from the use of our products and certain other matters.

Additionally, we have agreed to cover damages resulting from breaches of certain security and privacy commitments in our cloud business.

In evaluating estimated losses on these indemnifications, we consider factors such as the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of loss.

These obligations did not have a material impact on our consolidated financial statements during the periods presented.

The following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, We expect the acquisition will close in calendar year , and we will finance the transaction primarily through the issuance of new debt.

We will continue to invest in sales, marketing, product support infrastructure, and existing and advanced areas of technology, as well as continue making acquisitions that align with our business strategy.

Additions to property and equipment will continue, including new facilities, datacenters, and computer systems for research and development, sales and marketing, support, and administrative staff.

We expect capital expenditures to increase in coming years in support of our productivity and platform strategy. We have operating leases for most U.

We have not engaged in any related party transactions or arrangements with unconsolidated entities or other persons that are reasonably likely to materially affect liquidity or the availability of capital resources.

We earn a significant amount of our operating income outside the U. As a result, as discussed above under Cash, Cash Equivalents, and Investments, the majority of our cash, cash equivalents, and short-term investments are held by foreign subsidiaries.

We currently do not intend nor foresee a need to repatriate these funds. We expect existing domestic cash, cash equivalents, short-term investments, cash flows from operations, and access to capital markets to continue to be sufficient to fund our domestic operating activities and cash commitments for investing and financing activities, such as regular quarterly dividends, debt maturities, and material capital expenditures, for at least the next 12 months and thereafter for the foreseeable future.

In addition, we expect existing foreign cash, cash equivalents, short-term investments, and cash flows from operations to continue to be sufficient to fund our foreign operating activities and cash commitments for investing activities, such as material capital expenditures, for at least the next 12 months and thereafter for the foreseeable future.

Should we require more capital in the U. These alternatives could result in higher effective tax rates, increased interest expense, or dilution of our earnings.

We have borrowed funds domestically and continue to believe we have the ability to do so at reasonable interest rates.

Our consolidated financial statements and accompanying notes are prepared in accordance with U. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses.

Critical accounting policies for us include revenue recognition, impairment of investment securities, goodwill, research and development costs, contingencies, income taxes, and inventories.

Revenue recognition for multiple-element arrangements requires judgment to determine if multiple elements exist, whether elements can be accounted for as separate units of accounting, and if so, the fair value for each of the elements.

Judgment is also required to assess whether future releases of certain software represent new products or upgrades and enhancements to existing products.

There's also one hell of a grappling hook. Bit Brigade, the rock band that plays classic NES games on-stage.

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A newsletter a day keeps the FOMO at bay. Just enter your email and we'll take care of the rest: YouTube is available for the Nintendo Switch.

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Can I trust my bathroom scale?

Den kompletten Bausatz bekommen Sie bei Caseking. Selbst mit dem beiliegenden boxed Kühler waren in unserem Beste Spielothek in Milchplatz finden 3,8Ghz auf allen kernen bei 1. Sie sollten sich auch überlegen, wozu der PC sonst noch benötigt wird. Was wir von dem Angebot von Notebooksbilliger. Durch seine hohe Leistung sollte es mit diesem Computer die möglich sein locker die nächsten 4 — 5 Jahre jedes Spiel ohne Probleme spielen zu können. Im Folgenden haben wir dir einige Empfehlungen aufgelistet, die ein Beispiel geben, wie man seinen Wunsch PC selbst zusammenstellen könnte.

euro 2019 400 gaming pc -

Den kompletten Bausatz bekommen Sie bei Caseking. SSD ist zu klein, da sollten nach Möglichkeit sowohl Betriebssystem als auch die wichtigen Spiele drauf. Natürlich auch Schritt-für-Schritt im ausführlichen Tutorial. Wer diese Preistreiberei nicht mitmachen will oder kann, baut einfach seinen Gaming-PC erst einmal ohne Grafikkarte. Es bietet genug Platz für alle unsere Komponenten und sorgt mit den drei vorinstallierten und leisen mm LED Lüftern für einen ausreichenden Airflow. Spiele-PC für Euro: Bei lauter eingestellten Speakern oder der Verwendung von Kopfhörern fällt dies aber nicht mehr störend auf. Erreichen Sie mehr als Millionen Käufer. Klar, flüssiges Zocken mit höchstem Detailgrad in 4K ist mit einem Onboard-Grafikchip nicht drin, das sollte jedem klar sein.

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Geno1isme 6 Posted 15 January - Viele interessante Videos zum Thema Hardware, schau doch mal vorbei! Auch ein DVD Brenner ist vorhanden. Auch bei Office-Arbeiten macht das Notebook eine gute Figur. Die Entscheidung für einen Hersteller ist auch oft Geschmackssache und natürlich immer eine Frage des Budgets. Monat und 2play FLY für monatlich 19,99 Euro 1.

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We build the platforms upon which others build digital platforms. Over the years Microsoft has experienced great success, and today we are just at the beginning of an incredible new wave of opportunity.

The next generation of ubiquitous computing and ambient intelligence is going to transform every life, every industry, and every country.

What this means for organizations is that Microsoft is their partner in digital transformation — engaging customers, empowering employees, optimizing operations, and transforming products.

What it means for people is that Microsoft helps them get more out of every moment — creating, collaborating, learning, gaming, being mobile, and staying secure.

Nowhere is digital transformation more evident than how we live and work today. We work on the go. We are on more teams, both inside and outside the company.

People still do important work as individuals, but collaboration is the new norm, so we build our tools to empower teams. We aspire to help everyone be productive no matter where they are, regardless of the device they use.

Your data, apps, and settings — all of your content — roam with you across your computing experiences.

Intelligence is an amazing force multiplier. To be successful amid the explosion of data, people need analytics, services, and agents that use intelligence to help them manage their scarcest resource — time.

Finally, trust is the foundation upon which everything we do is built. Office is changing the nature of work for individuals and teams. In fact, Office is on more than 50 million iOS and Android monthly active devices, up more than four times over last year.

Industry analyst surveys report that in cloud email, Microsoft is the clear choice. And we continue to see great momentum as innovative companies like GE, Facebook, Hershey, and Discovery Communications adopt Office It is deeply integrated with Office to bring together all of the capabilities people need to get their jobs done.

Business process tools in the past were hostage to silos of information and monolithic suites of applications. Overall, Dynamics builds on a strong base of nearly 10 million monthly paid seats, up more than 20 percent year-over-year.

And in this past year, we saw Dynamics CRM Online seat additions more than double year-over-year, driving overall Dynamics revenue growth.

Together we will have a transformative effect through our shared ambition to reinvent ways for professionals to be more productive. With more than 1.

Meetings will get better when Cortana can draw on your professional network to connect the dots so you stay one step ahead.

Looking ahead, our vision is to teach human language to all of the computing experiences that surround us.

We imagine a world in which a deeply personal agent understands you, your organization, and your world, helping you get more out of every moment.

Skype and Outlook with their hundreds of millions of users already are conversational canvases that will increasingly become rich platforms for getting every task done with new applications in the form of bots.

Our ambition to build the intelligent cloud is closely linked with the previous ambition. Every organization needs new cloud-based infrastructure and applications that can convert vast amounts of data into predictive and analytical power through the use of advanced machine learning, analytics, and cognitive services.

For perspective, we cover more countries and regions than any other cloud provider, from North America, to Asia, to Europe, to Latin America.

The Microsoft Cloud is open and offers choice. We broadly support a wide range of platforms and developer tools on Azure. Our acquisition of Xamarin, and our work with Red Hat, Docker, Mesosphere, and others reflect our commitment to working cross-platform.

Nearly a third of customer virtual machines on Azure run Linux. We are building our server products to become the edge of our cloud, supporting true hybrid computing.

SQL Server , Windows Server , and System Center as well as Azure Stack enable customers to build a cloud platform that spans their own data centers and the public cloud.

Azure revenue and usage grew by more than percent in the final quarter of the year. More than 70 percent of the Fortune have at least two different Microsoft Cloud offerings.

We clearly are now one of the two enterprise cloud leaders. The integration of cloud-based cognitive services like Cortana is just the tip of the spear, and will fuel our vision for conversation as a platform.

We have more than 20 cognitive services APIs today, including for vision, speech, text, recommendations, and face and emotion detection. Our intelligent cloud is democratizing these capabilities for startups, small businesses, and enterprises alike.

We launched Windows 10 with a new concept — to enable Windows as a service, continuously delivering differentiated value across our ecosystem to better serve the needs of our customers.

We engineered Windows 10 to enable innovative and more natural ways to interact and engage with devices — ask a question with your voice, draw with the flick of a pen, and secure your most important things with a smile or a touch.

These experiences place users at the center so they can move seamlessly across all devices — from the PC, Xbox, phones, and Surface Hub, to mixed reality with Microsoft HoloLens and Windows Holographic.

With an installed base of more than 1 billion Windows devices — more than million of which are already on Windows 10 and its billion hours of usage — we have an opportunity to offer new experiences and deepen our engagement with Windows users.

We see opportunities to innovate and grow in areas such as productivity and gaming, bringing these experiences to every device. And we continue to inspire new, innovative device categories like the two-in-one Surface, the pioneering HoloLens, and over 1, new Windows devices designed with our OEM partners.

Led by state-of-the-art security, Windows 10 is starting to drive digital transformation for customers in the enterprise. Department of Defense and Accenture are just a few of the customers deploying Windows 10 to millions of employees to help protect them with industry-leading security features like Credential Guard, Device Guard, Windows Hello, and new cloud-based security services like Windows Defender Advanced Threat Protection.

Our belief in building world-class enterprise security in Windows has contributed to nearly every one of our enterprise customers piloting Windows 10 this past fiscal year.

Windows is also built to support everyday experiences for everyone. Cortana — the first truly personal digital assistant -- came to life in Windows Embedded within Windows 10, Cortana gets to know each user, helping to get things done, to organize schedules, respond to questions — all through natural user interaction.

And by learning more about the user over time, Cortana becomes increasingly useful every day. The Windows 10 Cortana search box has over million monthly active users, and has been asked 12 billion questions to date.

PC query share to nearly 22 percent in the final quarter of our past fiscal year. Gaming is another area where Windows 10 will open new user experiences and scenarios.

Gaming has been among the leading drivers of engagement on Windows 10, with more than Microsoft has an incredibly engaged gaming audience on Xbox Live with 49 million monthly users and growing — up 33 percent year-over-year.

This growth is driven in part by strong franchises like Minecraft, which has sold more than million copies to date. In fact, Xbox Live players of Minecraft increased 62 percent in the last year.

Our gaming roadmap over the next 18 months is anchored by two significant console releases — Xbox One S and Project Scorpio — and investments in growth areas such as virtual reality, video, and eSports.

We continue to grow the Windows ecosystem by creating new computing categories. Surface, Surface Hub, and Microsoft HoloLens have pushed the boundaries of how personal the computing experience can be, with Surface Book and Surface Pro 4 released in the last year.

Forward-looking customers like Rolls Royce, the PGA Tour, Japan Airlines, and Volvo already are embracing Microsoft HoloLens and the Windows Holographic platform, transforming the way they work by breaking down the barriers between virtual and physical reality.

We are excited about these future growth areas but are also committed to ensuring that we are investing thoughtfully across our portfolio.

Over the past fiscal year, we increased investment in key capabilities within Windows 10 and in new growth markets, while at the same time scaling back our investment commensurate with the opportunity in areas like phone.

Across each of these ambitions, Microsoft made significant progress this past year. Earlier in this letter I described the transformational opportunities that lie ahead, particularly in the realm of digital intelligence.

Its realization will bring new power to cure disease and address global challenges like climate change. And that brings us right back to our mission — to empower every person and every organization on the planet to achieve more.

Last year I concluded this letter committing that we would continue to ask ourselves what are the challenges humankind faces, how can technology help, and what is the contribution of Microsoft?

To me, these questions are essential to the rediscovery of the soul of Microsoft, and more broadly, the purpose of global companies in society.

With worldwide per capita GDP and productivity growth at roughly 1 percent, how do we return to vigorous growth that benefits everyone?

When I meet with leaders in every part of the world, I hear their desire to work with Microsoft to create world class, cloud-enabled platforms, and applications that advance health, education, and economic growth, locally in their countries and communities.

That is what inspires me most. Throughout our discussions with LinkedIn this year, I was struck in my conversations with founder Reid Hoffman and CEO Jeff Weiner that we share a commitment to more directly and more evenly spread opportunity for everyone.

The goal is to make labor markets work better for everyone by making them more efficient and open. Together we aspire to help everyone navigate an increasingly challenging global economy more effectively.

In conclusion, the test of any brand is its ability to have measurable impact and to remain relevant over time.

Microsoft has done this in times of transition by innovating boldly. When I walk the hallways of Microsoft and talk with our talented people, the sense of purpose and urgency in realizing our mission through world class innovation is unmistakable.

Non-GAAP results exclude the net impact from Windows 10 revenue deferrals and the impact of impairment, integration, and restructuring expenses.

On July 25, , there were , registered holders of record of our common stock. The high and low common stock sales prices per share were as follows:.

The share repurchase program became effective on October 1, , has no expiration date, and may be suspended or discontinued at any time without notice.

This share repurchase program replaced the share repurchase program that was announced on September 22, and expired on September 30, All repurchases were made using cash resources.

The above table excludes shares repurchased to settle statutory employee tax withholding related to the vesting of stock awards. The dividend declared on June 14, will be paid after the filing of our Form K and was included in other current liabilities as of June 30, The dividend declared on June 9, was included in other current liabilities as of June 30, Forward-looking statements may appear throughout this report, including the following sections: Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially.

We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more.

Our strategy is to build best-in-class platforms and productivity services for a mobile-first, cloud-first world. The mobile-first, cloud-first world is transforming the way individuals and organizations use and interact with technology.

Mobility is not focused on any one device; it is centered on the mobility of experiences that, in turn, are orchestrated by the cloud. Cloud computing and storage solutions provide people and enterprises with various capabilities to store and process their data in third-party datacenters.

Mobility encompasses the rich collection of data, applications, and services that accompany our customers as they move from setting to setting in their lives.

We are transforming our businesses to enable Microsoft to lead the direction of this digital transformation, and enable our customers and partners to thrive in this evolving world.

Founded in , we operate worldwide in over countries. Our products include operating systems; cross-device productivity applications; server applications; business solution applications; desktop and server management tools; software development tools; video games; and training and certification of computer system integrators and developers.

We also design, manufacture, and sell devices, including PCs, tablets, gaming and entertainment consoles, phones, other intelligent devices, and related accessories, that integrate with our cloud-based offerings.

We offer an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and we provide solution support and consulting services.

We also deliver relevant online advertising to a global audience. To carry out our strategy, our research and development efforts focus on three interconnected ambitions:.

We believe we can significantly enhance the lives of our customers using our broad portfolio of productivity, communication, and information services that span devices and platforms.

Productivity will be the first and foremost objective, to enable people to meet and collaborate more easily, and to effectively express ideas in new ways.

With Office , we provide these familiar industry-leading productivity and business process tools as cloud services, enabling access from anywhere and any device.

This creates an opportunity to reach new customers and expand the usage of our services by our existing customers. We see opportunity in combining our offerings in new ways that are mobile, collaborative, intelligent and trustworthy.

We offer our services across platforms and devices outside our own. As people move from device to device, so will their content and the richness of their services.

We engineer our applications so users can find, try, and buy them in friction-free ways. In deploying technology that advances business strategy, enterprises decide what solutions will make employees more productive, collaborative, and satisfied, and connect with customers in new and compelling ways.

They work to unlock business insights from a world of data. To achieve these objectives, increasingly businesses look to leverage the benefits of the cloud.

Helping businesses move to the cloud is one of our largest opportunities, and we believe we work from a position of strength.

Microsoft is one of two leaders in the market. The shift to the cloud is driven by three important economies of scale: As one of the largest providers of cloud computing at scale, we are well-positioned to help businesses move to the cloud and focus on innovation while leaving non-differentiating activities to reliable and cost-effective providers like Microsoft.

With Azure, we are one of very few cloud vendors that run at a scale that meets the needs of businesses of all sizes and complexities. We are working to enhance the return on IT investment by enabling enterprises to combine their existing datacenters and our public cloud into a single cohesive infrastructure.

We enable organizations to securely adopt software-as-a-service applications, both our own and third-party, and integrate them with their existing security and management infrastructure.

We continue to innovate with higher-level services including identity and directory services that manage employee corporate identity and manage and secure corporate information accessed and stored across a growing number of devices, rich data storage and analytics services, machine learning services, media services, web and mobile backend services, and developer productivity services.

To foster a rich developer ecosystem, our platform is extensible, enabling customers and partners to further customize and enhance our solutions, achieving even more value.

This strategy requires continuing investment in datacenters and other infrastructure to support our services. We strive to make computing more personal by putting users at the core of the experience, enabling them to interact with technology in more intuitive, engaging, and dynamic ways.

A computing device should be not just a tool, but a partner. Windows 10 is the cornerstone of our ambition to usher in this era of more personal computing.

We consider the launch of Windows 10 in July to be a transformative moment as we moved from an operating system that runs on a PC to a service that can power the full spectrum of devices.

We developed Windows 10 not only to be familiar to our users, but more safe, secure, and always up-to-date. Windows 10 is more personal and productive with functionality such as Cortana, Windows Hello, Windows Ink, Microsoft Edge, and universal applications.

Windows 10 is designed to foster innovation — from us, our partners, and developers — through rich and consistent experiences across the range of existing devices and entirely new device categories.

Our ambition for Windows 10 is to broaden our economic opportunity through three key levers: Our OEM partners are investing in an extensive portfolio of hardware designs and configurations for Windows We now have the widest range of Windows hardware ever available.

With the unified Windows operating system, developers and OEMs can contribute to a thriving Windows ecosystem.

We invest heavily to make Windows the most secure, manageable, and capable operating system for the needs of a modern workforce. We are working to create a broad developer opportunity by unifying the installed base to Windows 10 through upgrades and ongoing updates, and by enabling universal Windows applications to run across all device targets.

As part of our strategic objectives, we are committed to designing and marketing first-party devices to help drive innovation, create new categories, and stimulate demand in the Windows ecosystem.

There are several distinct areas of technology that we aim to drive forward. Our goal is to lead the industry in these areas over the long-term, which we expect will translate to sustained growth.

We are investing significant resources in:. We believe the breadth of our products and services portfolio, our large global partner and customer base, our growing ecosystem, and our ongoing investment in innovation position us to be a leader in these areas and differentiate ourselves from competitors.

Our segments provide management with a comprehensive financial view of our key businesses. The segments enable the alignment of strategies and objectives across the development, sales, marketing, and services organizations, and they provide a framework for timely and rational allocation of resources within businesses.

In June , we announced a change in organizational structure to align to our strategic direction as a productivity and platform company.

During the first quarter of fiscal year , our chief operating decision maker, who is also our Chief Executive Officer, requested changes in the information that he regularly reviews for purposes of allocating resources and assessing performance.

As a result, beginning in fiscal year , we report our financial performance based on our new segments, Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.

Additional information on our operating segments and geographic and product information is contained in Note 21 — Segment Information and Geographic Data of the Notes to Financial Statements.

Our Productivity and Business Processes segment consists of products and services in our portfolio of productivity, communication, and information services, spanning a variety of devices and platforms.

This segment primarily comprises:. Office Commercial is designed to increase personal, team, and organizational productivity through a range of products and services.

Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets such as security, analytics, collaboration, unified communications, and business intelligence.

Office Commercial revenue is mainly affected by a combination of the demand from commercial customers for volume licensing and Software Assurance and the number of information workers in an enterprise, as well as the continued shift to Office Office is our cloud-based service that provides access to Office plus other productivity services.

CALs provide access rights to certain Office Commercial products and services, including Exchange, SharePoint, and Skype for Business, and revenue is reported along with the associated Office products and services.

Office Consumer is designed to increase personal productivity through a range of products and services.

Growth depends on our ability to reach new users, add value to our core product set, and continue to expand our product and service offerings into new markets.

Office Consumer revenue is mainly affected by the combination of customers that buy Office with their new devices and the continued shift to Office Office Consumer Services revenue is mainly affected by the demand for communication and storage through Skype, Outlook.

Skype is designed to connect friends, family, clients, and colleagues through a variety of devices. Dynamics revenue is largely driven by the number of information workers licensed.

Cisco Systems is using its position in enterprise communications equipment to grow its unified communications business.

Google provides a hosted messaging and productivity suite. Apple distributes versions of its pre-installed application software, such as email, note-taking, and calendar products, through its PCs, tablets, and phones.

Skype for Business and Skype also compete with a variety of instant messaging, voice, and video communication providers, ranging from start-ups to established enterprises.

Web-based offerings competing with individual applications have also positioned themselves as alternatives to our products. We believe our products compete effectively based on our strategy of providing powerful, flexible, secure, and easy-to-use solutions that work well with technologies our customers already have and are available on a device or via the cloud.

Our Dynamics products compete with vendors such as Oracle and SAP in the market for large organizations and divisions of global enterprises.

In the market focused on providing solutions for small and mid-sized businesses, our Dynamics products compete with vendors such as Infor, The Sage Group, and NetSuite.

Our Intelligent Cloud segment consists of our public, private, and hybrid server products and cloud services that can power modern business.

Our server products are designed to make IT professionals, developers, and their systems more productive and efficient. Server software is integrated server infrastructure and middleware designed to support software applications built on the Windows Server operating system.

This includes the server platform, database, business intelligence, storage, management and operations, virtualization, service-oriented architecture platform, security, and identity software.

We also license standalone and software development lifecycle tools for software architects, developers, testers, and project managers.

Server products and cloud services revenue is mainly affected by purchases through volume licensing programs, licenses sold to OEMs, and retail packaged products.

CALs provide access rights to certain server products, including SQL Server and Windows Server, and revenue is reported along with the associated server product.

Azure is a scalable cloud platform with computing, networking, storage, database, and management, along with advanced services such as analytics, and comprehensive solutions such as Enterprise Mobility Suite.

Azure includes a flexible platform that helps developers build, deploy, and manage enterprise, mobile, web, and Internet of Things applications, for any platform or device without having to worry about the underlying infrastructure.

Azure enables customers to devote more resources to development and use of applications that benefit their organizations, rather than managing on-premises hardware and software.

Enterprise Services, including Premier Support Services and Microsoft Consulting Services, assist customers in developing, deploying, and managing Microsoft server and desktop solutions and provide training and certification to developers and IT professionals on various Microsoft products.

Our server products face competition from a wide variety of server operating systems and applications offered by companies with a range of market approaches.

Vertically integrated computer manufacturers such as Hewlett-Packard, IBM, and Oracle offer their own versions of the Unix operating system preinstalled on server hardware.

Nearly all computer manufacturers offer server hardware for the Linux operating system and many contribute to Linux operating system development.

The competitive position of Linux has also benefited from the large number of compatible applications now produced by many commercial and non-commercial software developers.

A number of companies, such as Red Hat, supply versions of Linux. We compete to provide enterprise-wide computing solutions and point solutions with numerous commercial software vendors that offer solutions and middleware technology platforms, software applications for connectivity both Internet and intranet , security, hosting, database, and e-business servers.

IBM and Oracle lead a group of companies focused on the Java Platform Enterprise Edition that competes with our enterprise-wide computing solutions.

In middleware, we compete against Java vendors. Our database, business intelligence, and data warehousing solutions offerings compete with products from IBM, Oracle, SAP, and other companies.

We believe our server products provide customers with advantages in performance, total costs of ownership, and productivity by delivering superior applications, development tools, compatibility with a broad base of hardware and software applications, security, and manageability.

Our Enterprise Services business competes with a wide range of companies that provide strategy and business planning, application development, and infrastructure services, including multinational consulting firms and small niche businesses focused on specific technologies.

Our More Personal Computing segment consists of products and services geared towards harmonizing the interests of end users, developers, and IT professionals across screens of all sizes.

The Windows operating system is designed to deliver a more personal computing experience for users by enabling consistency of experience, applications, and information across their devices.

Windows revenue is impacted significantly by the number of Windows operating system licenses purchased by OEMs, which they pre-install on the devices they sell.

In addition to computing device market volume, Windows revenue is impacted by:. Volume licensing of the Windows operating system is affected mainly by the demand from commercial customers for volume licensing and Software Assurance, often reflecting the number of information workers in a licensed enterprise, and is therefore relatively independent of the number of PCs sold in a given year.

Patent licensing includes our programs to license patents across a broad array of technology areas, including mobile devices and cloud offerings.

Windows Embedded extends the power of Windows and the cloud to intelligent systems by delivering specialized operating systems, tools, and services.

Display advertising primarily includes MSN ads. The Windows Phone operating system is designed to bring users closer to the people, applications, and content they need.

We design, manufacture, and sell devices such as Surface, phones, and other intelligent devices, as well as PC accessories. Our devices are designed to enable people and organizations to connect to the people and content that matter most using integrated Microsoft services and Windows.

Surface is designed to help organizations, students, and consumers to be more productive. In July , we announced a plan to restructure our phone business to better focus and align resources.

In May , we announced plans to further streamline our smartphone hardware business. We also recently announced the sale of our entry-level feature phone business in May The transaction is expected to close in the second half of , subject to regulatory approvals and other closing conditions.

Our gaming platform is designed to provide a unique variety of entertainment through the use of our devices, peripherals, applications, online services, and content.

We also launched our Windows 10 Xbox app in July Xbox Live enables people to connect and share online gaming experiences and is accessible on Xbox consoles, Windows-enabled devices, and other devices.

Xbox Live services consist of subscriptions and sales of Xbox Live enabled content, as well as advertising, and are designed to benefit users by providing access to a network of certified applications and services and to benefit our developer and partner ecosystems by providing access to a large customer base.

We also design and sell gaming content to showcase our unique platform capabilities for Xbox consoles, Windows-enabled devices, and other devices.

The addition of Minecraft and its community enhances our gaming portfolio across Windows, Xbox, and other ecosystems besides our own.

We believe the success of our gaming business is determined by the overall active user base through Xbox Live enabled content, availability of games, providing exclusive game content that gamers seek, the computational power and reliability of the devices used to access our content and services, and the ability to create new experiences via online services, downloadable content, and peripherals.

Search advertising, including Bing and Bing Ads, is designed to deliver relevant online advertising to a global audience. We have several partnerships with other companies, including Yahoo!

Growth depends on our ability to attract new users, understand intent, and match intent with relevant content and advertiser offerings.

The Windows operating system faces competition from various software products and from alternative platforms and devices, mainly from Apple and Google.

We believe Windows competes effectively by giving customers choice, value, flexibility, security, an easy-to-use interface, and compatibility with a broad range of hardware and software applications, including those that enable productivity.

Our devices face competition from various computer, tablet, hardware, and phone manufacturers, and offer a unique combination of high-quality industrial design and innovative technologies across various price points, many of which are also current or potential partners and customers.

Our gaming platform competes with console platforms from Sony and Nintendo, both of which have a large, established base of customers.

The lifecycle for gaming and entertainment consoles averages five to ten years. Nintendo released their latest generation console in November Sony released their latest generation console in November In addition to Sony and Nintendo, we compete with other providers of entertainment services through online marketplaces.

We believe our gaming platform is effectively positioned against competitive products and services based on significant innovation in hardware architecture, user interface, developer tools, online gaming and entertainment services, and continued strong exclusive content from our own game franchises as well as other digital content offerings.

Our video games competitors include Electronic Arts and Activision Blizzard. Xbox Live faces competition from various online marketplaces, including those operated by Amazon, Apple, and Google.

Our search advertising business competes with Google and a wide array of websites, social platforms like Facebook, and portals that provide content and online offerings to end users.

We have operations centers that support all operations in their regions, including customer contract and order processing, credit and collections, information processing, and vendor management and logistics.

In addition to the operations centers, we also operate datacenters throughout the Americas, Australia, Europe, and Asia.

To serve the needs of customers around the world and to improve the quality and usability of products in international markets, we localize many of our products to reflect local languages and conventions.

Localizing a product may require modifying the user interface, altering dialog boxes, and translating text. We operate manufacturing facilities for the production and customization of phones, predominantly in Vietnam.

We announced the sale of our entry-level feature phone business in May , which includes the sale of our phone manufacturing facility in Vietnam.

Our devices, other than phones, are primarily manufactured by third-party contract manufacturers. We generally have the ability to use other manufacturers if a current vendor becomes unavailable or unable to meet our requirements.

We plan to continue to make significant investments in a broad range of research and development efforts. Internal development allows us to maintain competitive advantages that come from product differentiation and closer technical control over our products and services.

It also gives us the freedom to decide which modifications and enhancements are most important and when they should be implemented. We strive to obtain information as early as possible about changing usage patterns and hardware advances that may affect software design.

Before releasing new software platforms, we provide application vendors with a range of resources and guidelines for development, training, and testing.

Generally, we also create product documentation internally. We protect our intellectual property investments in a variety of ways. We work actively in the U.

We are a leader among technology companies in pursuing patents and currently have a portfolio of over 61, U. From time to time, we enter into broader cross-license agreements with other technology companies covering entire groups of patents.

We also purchase or license technology that we incorporate into our products or services. At times, we make select intellectual property broadly available at no or low cost to achieve a strategic objective, such as promoting industry standards, advancing interoperability, or attracting and enabling our external development community.

While it may be necessary in the future to seek or renew licenses relating to various aspects of our products and business methods, we believe, based upon past experience and industry practice, such licenses generally could be obtained on commercially reasonable terms.

We believe our continuing research and product development are not materially dependent on any single license or other agreement with a third party relating to the development of our products.

We invest in a range of emerging technology trends and breakthroughs that we believe offer significant opportunities to deliver value to our customers and growth for the company.

Based on our assessment of key technology trends, we maintain our long-term commitment to research and development across a wide spectrum of technologies, tools, and platforms spanning digital work and life experiences, cloud computing, and devices operating systems and hardware.

While our main research and development facilities are located in Redmond, Washington, we also operate research and development facilities in other parts of the U.

This global approach helps us remain competitive in local markets and enables us to continue to attract top talent from across the world.

We generally fund research at the corporate level to ensure that we are looking beyond immediate product considerations to opportunities further in the future.

We also fund research and development activities at the business segment level. Much of our business segment level research and development is coordinated with other segments and leveraged across the company.

In addition to our main research and development operations, we also operate Microsoft Research. We market and distribute our products and services through the following channels: OEMs, distributors and resellers, online, and Microsoft retail stores.

Our sales force performs a variety of functions, including working directly with enterprises and public sector organizations worldwide to identify and meet their software requirements; managing OEM relationships; and supporting solution integrators, independent software vendors, and other partners who engage directly with our customers to perform sales, consulting, and fulfillment functions for our products.

We distribute software through OEMs that pre-install our software on new devices and servers they sell. The largest component of the OEM business is the Windows operating system pre-installed on computing devices.

OEMs also sell hardware pre-installed with other Microsoft products, including server and embedded operating systems and applications such as our Microsoft Office suite.

In addition to these products, we also market our services through OEMs and service bundles such as Windows with Bing or Windows with Office subscription.

There are two broad categories of OEMs. Although each type of reselling partner reaches organizations of all sizes, LSPs are primarily engaged with large organizations, distributors resell primarily to VARs, and VARs typically reach small- and medium-sized organizations.

Our Dynamics software offerings are also licensed to enterprises through a global network of channel partners providing vertical solutions and specialized services.

We distribute our retail packaged products primarily through independent non-exclusive distributors, authorized replicators, resellers, and retail outlets.

Individual consumers obtain these products primarily through retail outlets, including Microsoft retail stores.

We distribute our devices through third-party retailers and Microsoft retail stores. Our phones are also distributed through global wireless communications carriers.

We have a network of field sales representatives and field support personnel that solicit orders from distributors and resellers, and provide product training and sales support.

Although on-premises software continues to be an important part of our business, increasingly we are delivering additional value to customers through cloud-based services.

Other services delivered online include our online advertising platform with offerings for advertisers and publishers, as well as Microsoft Developer Network subscription content and updates, periodic product updates, and online technical and practice readiness resources to support our partners in developing and selling our products and solutions.

As we increasingly deliver online services, we sell many of these cloud-based services through our enterprise agreements and have also enabled new sales programs to reach small and medium-sized businesses.

These programs include direct sales, direct sales supported by a large network of partner advisors, and resale of services through operator channels, such as telephone, cell, and cable providers.

We license software to organizations under agreements that allow the customer to acquire multiple licenses of products and services.

Our agreements for organizations to acquire multiple licenses of products and services are designed to provide them with a means of doing so without having to acquire separate licenses through retail channels.

In delivering organizational licensing agreements to the market, we use different programs designed to provide flexibility for organizations of various sizes.

While these programs may differ in various parts of the world, generally they include those discussed below.

Designed primarily for medium- and large-sized organizations that want to obtain the best value by standardizing on a common IT platform across their organization.

Software Assurance also provides support, tools, and training to help customers deploy and use software efficiently. Enterprises can elect to acquire perpetual licenses or, under the Enterprise Subscription option, can acquire non-perpetual, subscription licenses for a specified period generally three years.

Online services are also available, and subscriptions are generally structured with three-year terms. Software Assurance and online services subscriptions are generally available for a term of up to three years.

We plan on expanding the offers under the MPSA in fiscal year to better enable organizations to obtain the best value by standardizing on a common IT platform across their organization.

Similar to Open programs, the Select Plus program allows customers to acquire licenses only, acquire licenses with Software Assurance, or renew Software Assurance upon the expiration of existing volume licensing agreements.

A subset of online services is also available for purchase through the Select Plus program, and subscriptions are generally structured with terms between one and three years.

In July , we announced the retirement over a two-year period of Select Plus agreements for commercial customers, in favor of modern licensing options.

Beginning July , no new Select Plus agreements were signed with commercial organizations, and customers who want to purchase licenses were encouraged to transition to the MPSA.

Starting in July , we will no longer be accepting orders from commercial organizations for Select Plus after their next agreement anniversary.

Under the Open Value and Open Value Subscription programs, customers can acquire perpetual or subscription licenses, respectively, over a three-year period.

Online services are available in each of the Open programs. Microsoft Online Subscription Agreement is designed to enable small and medium-sized businesses to easily purchase Microsoft Online Services.

The program allows customers to acquire monthly or annual subscriptions for cloud-based services. The Microsoft Cloud Solution Provider program enables partners to directly manage their entire Microsoft cloud customer lifecycle.

Partners in this program use dedicated tools to directly provision, manage, and support their customer subscriptions. Partners can easily package their own tools, products, and services, and combine them into one monthly or annual customer bill.

The Microsoft Services Provider License Agreement is a program targeted at service providers and independent software vendors allowing these partners to provide software services and hosted applications to their end customers.

Agreements are generally structured with a three-year term, and partners are billed monthly based upon consumption. The Independent Software Vendor Royalty program enables partners to use Microsoft software in their own software programs.

Our customers include individual consumers, small- and medium-sized organizations, large global enterprises, public sector institutions, Internet service providers, application developers, and OEMs.

Our practice is to ship our products promptly upon receipt of purchase orders from customers; consequently, backlog is not significant.

As of June 30, , we employed approximately , people on a full-time basis, 63, in the U. Of the total employed people, 38, were in operations, including manufacturing, distribution, product support, and consulting services; 37, in product research and development; 29, in sales and marketing; and 10, in general and administration.

Certain employees are subject to collective bargaining agreements. In June , management approved a restructuring plan that eliminated approximately 7, positions in fiscal year , primarily in our phone hardware business.

In the fourth quarter of , management approved restructuring plans that would result in job eliminations, primarily across our smartphone hardware business and global sales.

In addition to the elimination of 1, positions that were announced in May , approximately 2, roles globally will be reduced during the year as an extension of the earlier plan, and these actions are expected to be completed by the end of fiscal year Our Internet address is www.

At our Investor Relations website, www. Our goal is to maintain the Investor Relations website as a portal through which investors can easily find or navigate to pertinent information about us, including:.

The information found on our website is not part of this or any other report we file with, or furnish to, the SEC.

In addition to these channels, we use social media to communicate to the public. It is possible that the information we post on social media could be deemed to be material to investors.

We encourage investors, the media, and others interested in Microsoft to review the information we post on the social media channels listed on our Investor Relations website.

We generate revenue by licensing and supporting an array of software products, by offering a wide range of services, including cloud-based services to consumers and businesses, by designing, manufacturing, and selling devices that integrate with our cloud-based services, and by delivering relevant online advertising to a global audience.

Our most significant expenses are related to compensating employees; designing, manufacturing, marketing, and selling our products and services; datacenter costs in support of our cloud-based services; and income taxes.

Much of our focus in fiscal year was toward transforming our organization to support our strategy of building best-in-class platforms and productivity services for a mobile-first, cloud-first world.

We achieved product development milestones, implemented organizational changes, and made strategic and tactical moves to support the three central ambitions that support our strategy: We will finance the transaction primarily through the issuance of new indebtedness.

The acquisition is anticipated to accelerate the growth of LinkedIn, as well as Office and Dynamics. Part of this strategy involves focusing our phone devices on a narrower range of customer categories and differentiating through the combination of hardware and software we are uniquely positioned to offer.

As anticipated, our change in phone strategy resulted in a reduction in units sold and associated expenses in fiscal year , and this trend is expected to continue in fiscal year Our industry is dynamic and highly competitive, with frequent changes in both technologies and business models.

Each industry shift is an opportunity to conceive new products, new technologies, or new ideas that can further transform the industry and our business.

At Microsoft, we push the boundaries of what is possible through a broad range of research and development activities that seek to identify and address the changing demands of customers and users, industry trends, and competitive forces.

The market for software, devices, and cloud-based services is dynamic and highly competitive.

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