United states

Total one-day VaR for the combined risk categories was $235 million at June 30, 2010 and $211 million at June 30, 2009. The total VaR is 26% less at June 30, 2010, and 25% less at June 30, 2009, 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,		2010				2009				2008
Revenue		$	62,484			$	58,437			$	60,420
Operating expenses:
Cost of revenue			12,395				12,155				11,598
Research and development			8,714				9,010				8,164
Sales and marketing			13,214				12,879				13,260
General and administrative			4,004				3,700				5,127
Employee severance			59				330				0
Total operating expenses			38,386				38,074				38,149
Operating income			24,098				20,363				22,271
Other income (expense)			915				(542	)			1,543
Income before income taxes			25,013				19,821				23,814
Provision for income taxes			6,253				5,252				6,133
Net income		$	18,760			$	14,569			$	17,681
Earnings per share:
Basic		$	2.13			$	1.63			$	1.90
Diluted		$	2.10			$	1.62			$	1.87
Weighted average shares outstanding:
Basic			8,813				8,945				9,328
Diluted			8,927				8,996				9,470
Cash dividends declared per common share		$	0.52			$	0.52			$	0.44

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Downloads -> 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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