NEW YORK (AP) — Microsoft's stock is taking a hit after the software giant behind Windows, the Xbox and Surface tablets reported disappointing results for the latest quarter.
The results, which fell below Wall Street's expectations, included a large write-off for Microsoft Corp.'s surface RT business. A poor reception for Windows 8 contributed to a revenue drop in the company's operating system software unit.
Microsoft's stock is down nearly 11 percent to $31.59 in midday trading. The stock is still up about 18 percent year-to-date.
Microsoft announced a major reorganization late week, aimed at helping it transform into a "devices and services" company that is less reliant on providing software for personal computers. The earnings miss raised new questions as to whether the transition will succeed.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.