05
23
2014
MicrosoftはSurfaceで儲けているのか？

MicrosoftはSurfaceで儲けているのか？

味方陣営に配慮しない力の入れっぷりが清々しい Surface Pro 3。

　→　蹴茶: Surface Pro 3 登場 12型 800g、キーボードカバーは295g [5.22]

笠原さん曰く



1年前、Surface RTの在庫調整で 9億ドルをぶん投げたのは記憶に新しいところです。

　→　蹴茶: Microsoft、Surface RTの在庫調整費用（損失）に約9億ドル [8.7]


IR資料を探ってみると、直近の決算でも赤字みたいです。

（SurfaceはXboxと同じ「ハードウェア事業」に分類されてます）


2014会計年度 第3四半期　2014年3月までの3ヶ月　

一番新しい決算。Surfaceの売上 4.94億ドルに対し、経費が 5.39億ドル。

D&C Hardware revenue increased $571 million or 41%, due primarily to $398 million or 45% higher Xbox Platform revenue as well as Surface revenue growth. Surface revenue was $494 million for the three months ended March 31, 2014. Xbox Platform revenue increased due to sales of Xbox One, which sells for a higher price than Xbox 360. We sold 2.0 million Xbox consoles during the third quarter of fiscal year 2014, compared with 1.3 million Xbox consoles during the third quarter of fiscal year 2013. Surface revenue increased due to a higher number of units sold.

　D&C Hardware gross margin decreased $135 million or 34%, due to a $706 million or 70% increase in cost of revenue, offset in part by higher revenue. Xbox Platform cost of revenue increased $486 million, due mainly to higher volumes of consoles sold and higher costs associated with Xbox One. Surface cost of revenue was $539 million for the three months ended March 31, 2014, which increased due mainly to a higher number of units sold.
　→　Microsoft Corp - Quarterly Report




2014会計年度 第2四半期　2013年12月までの3ヶ月

１つ前、2013年の歳末商戦を含む四半期。Surfaceの売上 8.93億ドルに対し、経費が 9.32億ドル。商戦で売上が大きく伸びてますがやっぱり赤字。

D&C Hardware revenue increased $1.9 billion or 68%, due primarily to $1.2 billion or 54% higher Xbox Platform revenue. Surface revenue was $893 million for the three months ended December 31, 2013. Xbox Platform revenue increased due to the release of Xbox One. We sold 7.4 million Xbox consoles during the second quarter of fiscal 2014, compared with 5.9 million Xbox consoles during the second quarter of fiscal year 2013. Surface revenue increased due to higher number of units sold, including sales of Surface 2 and Surface Pro 2.

D&C Hardware gross margin decreased $351 million or 46%, due to a $2.3 billion or 111% increase in cost of revenue, offset in part by higher revenue. Xbox Platform cost of revenue increased $1.6 billion. Surface cost of revenue was $932 million for the three months ended December 31, 2013. Xbox Platform cost of revenue increased due mainly to higher volumes of consoles sold and additional costs associated with the release of Xbox One. Surface cost of revenue increased with higher volumes sold, including sales of Surface 2 and Surface Pro 2.
　→　Microsoft Corp - Quarterly Report




2014会計年度 第1四半期　2013年10月までの3ヶ月

Surfaceの売上 4億ドルに対し、経費が 6.45億ドル。
Surface 2 立ち上げの経費がかさんだということで、この四半期も赤字。

D&C Hardware revenue increased $401 million or 37%, due primarily to Surface revenue of $400 million. The general availability of Surface RT and Surface Pro started October 26, 2012 and February 9, 2013, respectively.

D&C Hardware gross margin decreased $242 million or 54%, due to a $643 million or 101% increase in cost of revenue, offset in part by higher revenue. D&C Hardware cost of revenue increased, primarily due to $645 million higher Surface cost of revenue. Surface product costs increased with higher volumes sold, while other costs grew as we ready inventory lines for the Surface 2 launch and the holiday sales cycle.
　→　Microsoft Corp - Quarterly Report




これより前となると（2013会計年度）製品の区割りが異なり、Surfaceは「ハードウェア」ではなく「Windows」でくくられています。Windows 8 の費用などが混じるため、Surface事業の売上、経費がわかりにくくなっています。

ちなみに、2013会計年度Q4は例の9億ドルの損失を出した四半期です。

Microsoft、9億ドルの巨額損失
出典: Investor Relations - Microsoft

ゲーム事業（Xbox）参入時と同じように、当面利益にはこだわらずに戦っていくのだと思いますが、Appleのようにハードでがっつり儲けようとすれば、どうしてもパートナー企業のWindows製品が邪魔になってきます。

今後もハードウェアに本腰いれるなら、Surfaceと価格競争しないよう、徐々にパートナー企業との差別化（ライセンス条件やOS情報の制限）を深めていくことになるのでは。


関連
　→　Microsoft Investor Relations - SEC Filings