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Walter Pritchard with Citi asked about long-term unearned revenue up quite a bit after being on a flattish trend. $MSFT CFO Amy Hood said that the company does have a bit of lumpiness in its expirations. 2Q16 was a big expiration quarter for $MSFT. So apart from the lumpiness, renewal rates were good and the execution was strong.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.