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Microsoft shares hit 11-year low

Stock falls following CEO's pessimistic economic outlook, but bounces back later

Shares in Microsoft fell to their lowest point for 11 years yesterday as CEO Steve Ballmer predicted that the economy would remain weak for a long period of time.

The stock dropped to USD 16.36, almost half the value of its 52-week high of USD 32.10, although it later rebounded to close the day at USD 17.17.

The corporation, which is gearing up for the launch of another iteration of its Windows operating system, Windows 7, has a current market capitalisation of USD 152.7 billion.

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Phil Elliott