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.