The New York Times > Business > Sales of PC's Buoy Results at Microsoft: "Analysts said that one reason for the tepid reaction among investors was that fewer Microsoft customers than expected renewed their software subscriptions.
One result was that Microsoft reported that its deferred revenue, or money that is booked from subscription sales, dropped $395 million in the quarter.
Earlier, the company had projected that its deferred revenue would drop $200 million to $300 million. Some Wall Street analysts had projected that the drop would be less than $150 million. Generally, Wall Street had been watching the deferred revenue figure closely, even though it represents a fraction of Microsoft's overall sales."