An anonymous reader writes:
According to Carl Howe at Seeking Alpha, "Microsoft achieved record breaking earnings during the Vista launch quarter by taking money out of its assets, not through amazing sales of Vista and Office."
The article says, "Microsoft's own numbers tell us the way it is making more and more each quarter is partly funded by making each share worth less and less in assets. At the very least, this fact that Microsoft is dipping into its assets to pay for its record earnings makes me question just how successful those Vista and Office launches really were. Judging from the reaction of Microsoft's stock price after those record earnings — and the fact that it remains lower than it was three months ago before the Vista launch — that fact hasn't been lost on Wall Street either."