Shock as Microsoft posts worst show in 23 years

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The firm, the world's biggest software company, said fourth-quarter revenues slumped 17% on declining demand for new computers.

Profits plunged 29% to $3.05 billion (£1.85 billion) in the three months to the end of June. Full-year profits were down 17% to $14.6 billion.

It marked the worst year in Microsoft's 23 years as a public company and highlighted how the firm's fortunes are tied to the struggling PC industry.

Microsoft also sounded a cautious note for the rest of 2009.

"It's going to be difficult for the rest of the year," said chief financial officer Chris Liddell. "We're really still not sure we're out of the woods."

The gloomy update followed more positive news recently from other big tech companies including Apple, Intel and IBM.

"We are a stronger company than we were a year ago," said Liddell. "However, the economy continues to be challenging and we need to lift our game to another level in fiscal 2010."