A Last Note on Currency
You guys sent me some extremely thoughtful e-mails about currency valuation and its implications. Collectively, what emerged is that determining how currency valuation changes affect a company as large as Microsoft is very difficult to determine--unless Microsoft itself releases the information.That's why it's Colin Symons FTW with the following note:
It is interesting that some of MSFT’s divisions report a favorable currency impact as of last quarter (4% revenue gain from currency in Servers & Tools and 5% in Business Division,) while Client, Online Services, and Entertainment and Devices (EDD, where the Xbox is) reported no currency impact.
Given that there's no way to determine how much much Microsoft hedged the value of various currencies, it's not a direction relationship, necessarily--in other words, you can't say "because the value of the dollar dropped X percent, Microsoft benefitted Y percent."
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