Microsoft Releases Emergency Patch for Declining Share Price

Microsoft holds the bottom line better than most, doesn’t it? As expected, the software bellwether posted profit gain and sales growth that topped Wall Street analysts’ estimates when it reported first-quarter results after market close Thursday.

“We feel extremely good about our relative competitive position and our ability to continue outgrowing IT spend,” said Microsoft CFO Chris Liddell. “We believe our exceptionally strong cash flow, product pipeline and financial strength will allow us to weather economic conditions well.”

That said, the company’s not hedging its bets. It trimmed its outlook. For the fiscal year ending June 2009, Microsoft (MSFT) predicts revenue of $64.9 billion to $66.4 billion, where it had previously forecast $66.5 billion.

Microsoft shares are on the rise following the news.