Microsoft is a loser in premarket trading, slipping after its disappointing fiscal first-quarter results.
NEW YORK (TheStreet) -- Microsoft(:MSFT) was a loser in premarket trading Friday, slipping 1.98% to $28.91 after reporting disappointing fiscal first-quarter results after market close on Thursday.
The software giant brought in fiscal first-quarter revenue of $16.01 billion, down from $17.37 billion in the same period last year, and below analysts' forecasts of $16.42 billion.
With Microsoft's new Windows 8 operating system set to debut next week, however, the software giant reported deferred revenue of $1.36 billion, taking its non-GAAP sales to $17.36 billion.
On a GAAP basis, the Redmond, Wash.-based firm earned 53 cents a share, down from 68 cents a share in the same period last year. Excluding items, Microsoft earned 65 cents a share. Analysts surveyed by Thomson Reuters were looking for earnings of 56 cents.
Microsoft reaffirmed its outlook for fiscal 2013 expenses of $30.3 billion to $30.9 billion.
Google(:GOOG) shares crept up 0.24% to $696.64 following an eventful 24 hours that saw the Internet giant's third-quarter results leak out during afternoon trading Thursday.
The Internet giant blamed supply chain and printing specialist R.R.Donnelly(:RRD) for the embarrassing leak.
Google made only the briefest of references to the snafu during its earnings conference call after market close. Larry Page, the Google CEO, apologized for what happened at the start of the call, adding only that "our printers sent out the release early."
Further adding to the Internet giant's bad day, Google missed both Wall Street's top- and bottom-line estimates. The Mountain View, Calif.-based company earned $9.03 a share on revenue of $11.33 billion during the third quarter. Analysts were looking for earnings of $10.65 a share and sales of $11.862 billion.
Google shares, which were halted for a period on Thursday afternoon, closed down 8.01% during the day's trading.
AMD(:AMD) shares, however, gained 1.91% to $2.67 in premarket trading despite reporting a deep third-quarter loss on Thursday and revealing plans to cut 15% of its work force. The No. 2 chipmaker also forecast a sequential decrease in revenue of around 9% for the fourth quarter.
Shares of AMD, which released its preliminary third-quarter numbers earlier this month, closed down 5.42% during Thursday's trading.
Riverbed(:RVBD) was an even bigger gainer, rising 11.16% to $23 after beating Wall Street's estimates in its third-quarter results and offering robust fourth-quarter guidance.
--Written by James Rogers in New York.
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