The stock of Microsoft went down 4.7 percent in value due to the continued credit problems facing the US economy.
Shares of Microsoft dropped from $26.32 to $25.09 in late trading today. Microsoft shares, in spite of the downturn, are still well above the previous 52 week low of $23.50 set on September 19.
Before the approval of the $700 billion bailout package to help Wall Street and failing banks, Microsoft urged Washington to pass the legislation. Steve Balmer, Chief Executive at Microsoft, said that the nation’s economic woes would slow down spending in the country, and that no company is immune to the crisis. That apparently means Microsoft too.
The game industry has generally been resistant to low economic tides, but until the US financial crisis stabilizes, some consumers are being a little more careful about their spending habits, and that may mean less spending on games.
[via businessweek]
