<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">Excerpt cloud is their 3rd largest business line (of 3). What’s biggest? “More Personal Computing,” including—wait for it—OS licenses.<div><br></div><div><p class="s95" style="text-align: start; margin-top: 13px; margin-bottom: 0px; line-height: 1.2;"><span class="s12" style="line-height: 12px; font-weight: bold; background-color: rgba(255, 255, 255, 0);">More Personal Computing </span></p><p class="s42" style="text-align: start; margin-top: 9px; margin-bottom: 0px; line-height: 1.2;"><span class="s24" style="line-height: 12px; background-color: rgba(255, 255, 255, 0);">More Personal Computing segment consists of products and services geared towards harmonizing the interests of end users, developers, and IT professionals across all devices. This segment primarily comprises: </span></p><p class="s99" style="text-align: start; text-indent: 0px; margin-top: 4px; margin-bottom: 0px; line-height: 1.2; margin-left: 48px;"><span style="background-color: rgba(255, 255, 255, 0);"><span class="s24" style="line-height: 12px;">•</span><span style="line-height: 21.600000381469727px; padding-left: 36px;"></span><span class="s24" style="line-height: 12px;">Windows, including Windows </span><span class="s24" style="line-height: 12px;">original equipment manufacturer (“</span><span class="s24" style="line-height: 12px;">OEM</span><span class="s24" style="line-height: 12px;">”)</span><span class="s24" style="line-height: 12px;"> licensing and other non-volume licensing of the Windows operating system; Windows Commercial, comprising volume licensing of the Windows operating system, Windows cloud services, and other Windows commercial offerings; patent licensing; Windows Internet of Things (“IoT”); and MSN advertising. </span></span></p><p class="s99" style="text-align: start; text-indent: 0px; margin-top: 4px; margin-bottom: 0px; line-height: 1.2; margin-left: 48px;"><span style="background-color: rgba(255, 255, 255, 0);"><span class="s24" style="line-height: 12px;">•</span><span style="line-height: 21.600000381469727px; padding-left: 36px;"></span><span class="s24" style="line-height: 12px;">Devices, including Microsoft Surface, PC accessories, and other intelligent devices. </span></span></p><p class="s99" style="text-align: start; text-indent: 0px; margin-top: 4px; margin-bottom: 0px; line-height: 1.2; margin-left: 48px;"><span style="background-color: rgba(255, 255, 255, 0);"><span class="s24" style="line-height: 12px;">•</span><span style="line-height: 21.600000381469727px; padding-left: 36px;"></span><span class="s24" style="line-height: 12px;">Gaming, including Xbox hardware and Xbox software and services, comprising Xbox Live transactions, subscriptions, and advertising (“Xbox Live”), video games, and third-party video game royalties. </span></span></p><p class="s99" style="text-align: start; text-indent: 0px; margin-top: 4px; margin-bottom: 0px; line-height: 1.2; margin-left: 48px;"><span style="background-color: rgba(255, 255, 255, 0);"><span class="s24" style="line-height: 12px;">•</span><span style="line-height: 21.600000381469727px; padding-left: 36px;"></span><span class="s24" style="line-height: 12px;">Search.</span></span></p><br><div id="AppleMailSignature" dir="ltr">Deirdre</div><div dir="ltr"><br>On Feb 19, 2019, at 8:21 PM, Texx <<a href="mailto:texxgadget@gmail.com">texxgadget@gmail.com</a>> wrote:<br><br></div><blockquote type="cite"><div dir="ltr"><div>With the future of the cloud, a lot of the licensing becomes obsolete.</div><div>They just bundle it into the hourly run time (usually around $0.0004 per hr)</div><div><br></div><div>I think they now realize that OS sales is a financial dead end.</div></div></blockquote></div></body></html>