The industry’s own problems have been “snowballing†for many years. It has run into the current weak global economic situation. The “domino†effect hits every aspect of the industry chain of the traditional IT internet industry. Almost none of the industries have suffered from “Waterlooâ€. — Microsoft’s IPO for the first time in 26 years has seen a loss in the fiscal quarter. PC maker AMD’s performance has been greatly reduced, and companies such as Freescale and Rambus have been unable to escape. How do traditional IT vendors redeploy in the post-PC era when the advantages of the desktop era fade away and the mobile Internet is strong?
Zhao Nan
The acquisition of online advertising company aQuantive by US$6.3 billion five years ago not only caused Microsoft to carry its first quarterly loss for 26 years, and its unfavorable integration has also made Microsoft almost incompetent in the online advertising field in the past five years.
Perhaps the next question for Microsoft CEO Ballmer to consider is how to drag Microsoft out of the turmoil with Google's advertising competition and move toward an integrated model under the mobile Internet trend.
The first loss in 26 years
On July 19th, Microsoft’s fiscal fourth quarter financial report showed that the revenue for the quarter was US$18.059 billion, an increase of 4% over the same period of last year, and the net loss was US$492 million, compared with the net profit of US$5.874 billion in the same period of last year.
Among them, the Microsoft business sector, which is based on Office suites, saw a 7% year-on-year increase in fourth-quarter revenue and a 7% year-on-year increase in revenue for the fiscal year. Microsoft’s online service sector’s fourth-quarter revenue rose 8% year-on-year. Revenue increased by 10% year-on-year. Affected by the decline in global PC shipments, Microsoft’s Windows & Windows Live division’s fourth-quarter revenue fell 13% year-on-year, and revenue for the fiscal year decreased by 3% year-on-year.
This is the first time Microsoft has suffered a quarterly loss since its listing in 1986. The main reason for the loss comes from the impairment of goodwill of Microsoft's online service department of 6.19 billion U.S. dollars.
After deducting depreciation and deferred revenue related to the $540 million Windows upgrade offer, Microsoft’s fourth-quarter profit was 73 cents per share, which was higher than the analyst’s average forecast of 62 cents per share.
It is understood that the above impairment relates to Microsoft’s acquisition of aQuantive, an online advertising company, for US$6.3 billion in 2007. And as high as 6.19 billion US dollars, almost the same amount of impairment as the purchase price, it also means Microsoft's complete failure of this acquisition.
aQuantive was once the largest single acquisition in Microsoft's history. Qu Xiaodong, former general manager of Quxian Information, said that the background of Microsoft's acquisition of aQuantive is at Microsoft's transition from software sales to “onlineâ€. It is when Google’s advertising business on the PC Internet grows strongly and Microsoft’s investment in online advertising is strengthened. It is also to defend against Google's competition.
Less than eight months after Microsoft acquired aQuantive, Google also announced that it will acquire DoubleClick, an online advertising company, for $3.2 billion.
However, since the acquisition of aQuantive, Microsoft’s online business has accumulated more than US$9 billion in losses. In fiscal year 2012, Microsoft’s online service revenue was only US$2.867 billion, which was only US$300 million more than in fiscal 2007, and this figure for fiscal year 2011 was almost equal to that before the acquisition.
Google’s advertising revenue has increased significantly after Google’s acquisition of DoubleClick. In 2011, advertising revenue reached US$36.5 billion. US investment company Macquarie analysts believe that Google's display advertising has greatly improved under the correlation of search technology, but Microsoft is weak in the integration of advertising technology.
Some analysts said that after the acquisition, Microsoft also tried to build a brand new online advertising platform. The promotion channels include Microsoft MSN portal, Windows Live services, search, and new media advertising such as Microsoft video games, mobile phones, and Other advertising agencies, but Microsoft The unfavorable integration has led to the stagnation of its advertising business.
The disadvantages of the above integration include: Microsoft abandoned most of aQuantiv technology, and sold it in 2009 to azivich, an online advertising agency of aQuantiv; constantly placing old Microsoft employees, forcing a number of former aQuantiv executives to leave their jobs. Not effectively retained.
Turn to integration mode
The sluggish growth of display advertising and the rise of the mobile Internet have also forced Microsoft to make adjustments to its revenue structure.
In the fourth quarter of 2012, Microsoft’s online service revenue was US$735 million, accounting for 4% of total revenue. Excluding goodwill impairment charges, the sector’s loss reached US$472 million.
Microsoft executives have also admitted to the media recently that Microsoft is encountering "Waterloo" in display advertising. On July 16, Microsoft sold MSNBC for $300 million. The 50% stake in com is also seen by the industry as its interest in display advertising.
However, Microsoft did not give a clear direction for its advertising business in the future.
The person in charge of Outbrain, a US content recommendation engine company, even believes that aQuantive's goodwill impairment means that Microsoft will give free display advertising.
He stated that the value of advertising services has been completely commercialized, and the marginal cost of banner advertising has been reduced to zero. If Microsoft presents a large number of display advertisements with low profits, it may be a wonderful move because it can help Microsoft and Google unfold. competition.
However, some analysts believe that Google’s more advertisements come from effect advertisements rather than display advertisements. From the perspective of Yahoo, which has the largest market share of online display advertisements, its market value is only half of 2007, and online display advertisements in the world are currently in the doldrums. In China, it is difficult to have a big increase.
At present, Microsoft's "Bing" search market share in the United States reached 15.6%, an increase of 120% over the same period last year. However, performance ads still account for the small head of Microsoft's advertising revenue. This also means that if Microsoft wants to make a difference in the advertising market, it will have to make structural adjustments.
Qu Xiaodong believes that the impairment of goodwill of 6.19 billion U.S. dollars may force Microsoft to make a transition and adjust its revenue structure. Unlike the acquisition of aQuantiv five years ago, Microsoft has now put more emphasis on cross-platform and mobile, which means that "integration mode" will gradually replace the increasingly low display advertising revenue share.
Microsoft's recently introduced tablet Surface has seen its so-called "integration model." The bundled sales model of software, hardware, services, and advertising is also in line with Microsoft's current desire to break through the mobile Internet strategy.
In fact, prior to this, Microsoft had tried this model for the player Zune and entertainment feature phone Kin, but it did not end up without the support of the entire group's superior resources.
Ai Yi CEO Zhang Yi also said that in creating "integration mode", Microsoft is trying to focus on more advantageous resources. For example, Microsoft's most profitable Office suite as an application entry point, from the PC to the mobile side translation. The latest generation of Office also supports a large number of "online" applications, providing entry for Microsoft's advertising services.
In addition, Microsoft will also invest $ 1.2 billion in the acquisition of corporate social network Yammer implanted in the Office suite, in order to tap the potential of future advertising.
The upcoming Windows 8 operating system launched in October, in addition to increasing software licensing revenue for Microsoft, also began to be compatible with the tablet, helping Microsoft users to translate from the PC to the mobile terminal.
Qu Xiaodong also stated that both the advertising model and the integration model are Microsoft's revenue structure adjustments at different stages. With Windows 8 panning, bringing massive users to the mobile platform, Microsoft will take advantage of multi-platform and multi-terminals to make advertising more effective.
Zhao Nan
The acquisition of online advertising company aQuantive by US$6.3 billion five years ago not only caused Microsoft to carry its first quarterly loss for 26 years, and its unfavorable integration has also made Microsoft almost incompetent in the online advertising field in the past five years.
Perhaps the next question for Microsoft CEO Ballmer to consider is how to drag Microsoft out of the turmoil with Google's advertising competition and move toward an integrated model under the mobile Internet trend.
The first loss in 26 years
On July 19th, Microsoft’s fiscal fourth quarter financial report showed that the revenue for the quarter was US$18.059 billion, an increase of 4% over the same period of last year, and the net loss was US$492 million, compared with the net profit of US$5.874 billion in the same period of last year.
Among them, the Microsoft business sector, which is based on Office suites, saw a 7% year-on-year increase in fourth-quarter revenue and a 7% year-on-year increase in revenue for the fiscal year. Microsoft’s online service sector’s fourth-quarter revenue rose 8% year-on-year. Revenue increased by 10% year-on-year. Affected by the decline in global PC shipments, Microsoft’s Windows & Windows Live division’s fourth-quarter revenue fell 13% year-on-year, and revenue for the fiscal year decreased by 3% year-on-year.
This is the first time Microsoft has suffered a quarterly loss since its listing in 1986. The main reason for the loss comes from the impairment of goodwill of Microsoft's online service department of 6.19 billion U.S. dollars.
After deducting depreciation and deferred revenue related to the $540 million Windows upgrade offer, Microsoft’s fourth-quarter profit was 73 cents per share, which was higher than the analyst’s average forecast of 62 cents per share.
It is understood that the above impairment relates to Microsoft’s acquisition of aQuantive, an online advertising company, for US$6.3 billion in 2007. And as high as 6.19 billion US dollars, almost the same amount of impairment as the purchase price, it also means Microsoft's complete failure of this acquisition.
aQuantive was once the largest single acquisition in Microsoft's history. Qu Xiaodong, former general manager of Quxian Information, said that the background of Microsoft's acquisition of aQuantive is at Microsoft's transition from software sales to “onlineâ€. It is when Google’s advertising business on the PC Internet grows strongly and Microsoft’s investment in online advertising is strengthened. It is also to defend against Google's competition.
Less than eight months after Microsoft acquired aQuantive, Google also announced that it will acquire DoubleClick, an online advertising company, for $3.2 billion.
However, since the acquisition of aQuantive, Microsoft’s online business has accumulated more than US$9 billion in losses. In fiscal year 2012, Microsoft’s online service revenue was only US$2.867 billion, which was only US$300 million more than in fiscal 2007, and this figure for fiscal year 2011 was almost equal to that before the acquisition.
Google’s advertising revenue has increased significantly after Google’s acquisition of DoubleClick. In 2011, advertising revenue reached US$36.5 billion. US investment company Macquarie analysts believe that Google's display advertising has greatly improved under the correlation of search technology, but Microsoft is weak in the integration of advertising technology.
Some analysts said that after the acquisition, Microsoft also tried to build a brand new online advertising platform. The promotion channels include Microsoft MSN portal, Windows Live services, search, and new media advertising such as Microsoft video games, mobile phones, and Other advertising agencies, but Microsoft The unfavorable integration has led to the stagnation of its advertising business.
The disadvantages of the above integration include: Microsoft abandoned most of aQuantiv technology, and sold it in 2009 to azivich, an online advertising agency of aQuantiv; constantly placing old Microsoft employees, forcing a number of former aQuantiv executives to leave their jobs. Not effectively retained.
Turn to integration mode
The sluggish growth of display advertising and the rise of the mobile Internet have also forced Microsoft to make adjustments to its revenue structure.
In the fourth quarter of 2012, Microsoft’s online service revenue was US$735 million, accounting for 4% of total revenue. Excluding goodwill impairment charges, the sector’s loss reached US$472 million.
Microsoft executives have also admitted to the media recently that Microsoft is encountering "Waterloo" in display advertising. On July 16, Microsoft sold MSNBC for $300 million. The 50% stake in com is also seen by the industry as its interest in display advertising.
However, Microsoft did not give a clear direction for its advertising business in the future.
The person in charge of Outbrain, a US content recommendation engine company, even believes that aQuantive's goodwill impairment means that Microsoft will give free display advertising.
He stated that the value of advertising services has been completely commercialized, and the marginal cost of banner advertising has been reduced to zero. If Microsoft presents a large number of display advertisements with low profits, it may be a wonderful move because it can help Microsoft and Google unfold. competition.
However, some analysts believe that Google’s more advertisements come from effect advertisements rather than display advertisements. From the perspective of Yahoo, which has the largest market share of online display advertisements, its market value is only half of 2007, and online display advertisements in the world are currently in the doldrums. In China, it is difficult to have a big increase.
At present, Microsoft's "Bing" search market share in the United States reached 15.6%, an increase of 120% over the same period last year. However, performance ads still account for the small head of Microsoft's advertising revenue. This also means that if Microsoft wants to make a difference in the advertising market, it will have to make structural adjustments.
Qu Xiaodong believes that the impairment of goodwill of 6.19 billion U.S. dollars may force Microsoft to make a transition and adjust its revenue structure. Unlike the acquisition of aQuantiv five years ago, Microsoft has now put more emphasis on cross-platform and mobile, which means that "integration mode" will gradually replace the increasingly low display advertising revenue share.
Microsoft's recently introduced tablet Surface has seen its so-called "integration model." The bundled sales model of software, hardware, services, and advertising is also in line with Microsoft's current desire to break through the mobile Internet strategy.
In fact, prior to this, Microsoft had tried this model for the player Zune and entertainment feature phone Kin, but it did not end up without the support of the entire group's superior resources.
Ai Yi CEO Zhang Yi also said that in creating "integration mode", Microsoft is trying to focus on more advantageous resources. For example, Microsoft's most profitable Office suite as an application entry point, from the PC to the mobile side translation. The latest generation of Office also supports a large number of "online" applications, providing entry for Microsoft's advertising services.
In addition, Microsoft will also invest $ 1.2 billion in the acquisition of corporate social network Yammer implanted in the Office suite, in order to tap the potential of future advertising.
The upcoming Windows 8 operating system launched in October, in addition to increasing software licensing revenue for Microsoft, also began to be compatible with the tablet, helping Microsoft users to translate from the PC to the mobile terminal.
Qu Xiaodong also stated that both the advertising model and the integration model are Microsoft's revenue structure adjustments at different stages. With Windows 8 panning, bringing massive users to the mobile platform, Microsoft will take advantage of multi-platform and multi-terminals to make advertising more effective.
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