To our shareholders, customers, partners and employees

Total one-day VaR for the combined risk categories was $292 million at June 30, 2012 and $290 million at June 30, 2011. The total VaR is 26% less at June 30, 2012, and 25% less at June 30, 2011, than the sum of the separate risk categories in the above table due to the diversification benefit of the combination of risks.

(In millions, except per share amounts)
Year Ended June 30,		2012				2011				2010
Revenue		$	73,723			$	69,943			$	62,484
Operating expenses:
Cost of revenue			17,530				15,577				12,395
Research and development			9,811				9,043				8,714
Sales and marketing			13,857				13,940				13,214
General and administrative			4,569				4,222				4,063
Goodwill impairment			6,193				0				0
Total operating expenses			51,960				42,782				38,386
Operating income			21,763				27,161				24,098
Other income			504				910				915
Income before income taxes			22,267				28,071				25,013
Provision for income taxes			5,289				4,921				6,253
Net income		$	16,978			$	23,150			$	18,760
Earnings per share:
Basic		$	2.02			$	2.73			$	2.13
Diluted		$	2.00			$	2.69			$	2.10
Weighted average shares outstanding:
Basic			8,396				8,490				8,813
Diluted			8,506				8,593				8,927
Cash dividends declared per common share		$	0.80			$	0.64			$	0.52

Directory: investor -> reports
reports -> United States Securities and Exchange Commission Washington, D. C. 20549 form 10-K
reports -> Dear shareholders, customers, partners and colleagues
reports -> United states
investor -> Microsoft Financial Analyst Meeting 2013 Engineer Leader Panel Moderator: Tami Reller Julie Larson-Green, Kirill Tatarinov, Qi Lu, Satya Nadella, Terry Myerson Bellevue, Washington September 19, 2013 chris suh

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