Microsoft stock down nearly 7% wiping off $30 billion in market value

After missing analyst estimates in the quarterly earnings yesterday, Microsoft’s stock value is down nearly 7% since morning, which also means market capital is down nearly $30 billion. Market is expecting that Microsoft’s stock is on course to suffer the biggest percentage decline since it tumbled 9.3% on Jan. 27, 2015, which also followed disappointing quarterly results.

Microsoft yesterday announced the following results for the quarter ended March 31, 2016:

• Revenue was $20.5 billion GAAP, and $22.1 billion non-GAAP
• Operating income was $5.3 billion GAAP, and $6.8 billion non-GAAP
• Net income was $3.8 billion GAAP, and $5.0 billion non-GAAP
• Earnings per share was $0.47 GAAP, and $0.62 non-GAAP

Microsoft’s net income dropped 25 percent year over year, to $3.76 billion, or 47 cents per share, while revenue fell more than 5 percent, to $20.5 billion. Excluding items, Microsoft reported revenue of $22.1 billion and 62 cents per share. Wall Street analysts had forecast $22.09 billion and 64 cents per share. Microsoft’s guidance for the next quarter was also below analyst’s expectations.

Read more about Microsoft’s yesterday earnings report here.