IT spending slow in Q1, Microsoft says

FRAMINGHAM (10/24/2003) - Microsoft Corp. reported a profit of US$2.6 billion on $8.22 billion in revenue for its first quarter, which ended Sept. 30. But corporate IT spending "was slow to improve" during the quarter, the company said. Microsoft noted that the amount of deferred revenue from software licensing deals recorded on its balance sheet dropped by $768 million, more than twice the amount it had forecast.

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