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There won’t be many happy faces at Redmond at the moment after Microsoft’s quarterly financial results showed an 11% drop in profit amid flat sales.

Although CEO Steve Ballmer has insisted that a well publicised takeover bid for Yahoo will not see a raised offer, the traditional stronghold of Microsoft’s success, namely software, have not performed up to expectations in the early part of 2008.

Ebullient

Inevitably, Microsoft (MSFT, NASDAQ) remained publicly ebullient in the face of the disappointing performance, insisting that the release of Server 2008 and the increased sales of both Xbox 360 consoles and their portable music player Zune shows that its business is broadening.

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Apple Inc. on Monday reported strong earnings for its fourth quarter, boosted by record Macintosh computer sales and the shipment of 1.12 million iPhones.

The company beat analyst estimates with net income of US$904 million, or $1.01 per share, compared with $542 million, or $0.62 per share, in net income reported in last year’s fourth quarter. Analysts polled by Thomson Financial estimated a consensus of $760.45 million in net income and earnings of $0.84 per share for the quarter ended Sept. 29.

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