Net income in the fiscal period that ended in June rose 30 percent to $5.87 billion, or 69 cents a share, from $4.52 billion, or 51 cents, a year earlier, Redmond, Washington-based Microsoft said in a statement today. That beat the 58-cent estimate of analysts surveyed by Bloomberg.
Sales rose to $17.4 billion, compared with the $17.2 billion average projection. ...
Microsoft said its tax rate fell to 7 percent from 25 percent a year earlier because more earnings were taxed at lower rates in Ireland, Singapore and Puerto Rico, Microsoft said.
“Our effective tax rate was lower than the U.S. federal statutory rate primarily due to a higher mix of earnings taxed at lower rates in foreign jurisdictions,” Microsoft said in the statement.
The rate explains much of the reason why results surpassed predictions, Chief Financial Officer Peter Klein said in an interview.
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Puerto Ricans Treat Victory Over U.S. Team Like Gold
August 16, 2004
SAN JUAN, Puerto Rico (AP) - Puerto Ricans celebrated the island's historic 92-73 thumping of the U.S. basketball team at the Olympics, treating the victory like gold.
Islanders honked horns and waved Puerto Rican flags after Sunday's game, which was only the third Olympic loss for the United States and its first since adding professional players.
"This is like winning a gold medal," teacher Carmen D. Torres said from the north-coast city of Arecibo. "I expected the Puerto Rican team to play well, but the fact that it defeated the world's greatest team is like a dream. I still don't believe it."