Microsoft turns around quarterly earnings

Microsoft Corp. reported a complete turnaround in its quarterly earnings.

Net income came to $3.1 billion, or 39 cents per share, compared with a loss of $3.2 billion, or 40 cents per share, a year earlier. The loss a year ago included $8.4 billion in charges related to a write-down in the value of the smartphone business it acquired from Nokia, along with expenses from layoffs in that group.

Revenue in the latest quarter dropped to $20.6 billion from $22.2 billion a year ago.

Read more from The New York Times.