Microsoft posts first loss since listing Microsoft reported its first loss since becoming a public company in 1986 as it wrote down the value of its online business and deferred revenues related to an upgrade offer for the forthcoming Windows 8. Apart from these exceptional items, the world's largest software maker reported record fourth-quarter and full-year sales, its shares rising more than 2.5 per cent on the news in after-hours trading. While the PC industry has reported weak consumer demand, the Redmond, Washington-based company said orders from businesses were driving its results - fourth-quarter sales of $18.6bn, including the deferred revenues, were up 7 per cent on a year earlier. "Our enterprise business is firing on all cylinders and we couldn't be more excited about the wave of innovation and new releases that position us well for the coming years," said Kevin Turner, chief operating officer, in a statement. During its new fiscal year starting this month, Microsoft will release Windows 8, Windows Phone 8, new Windows Server software and its Office 2013 productivity suite. Looking back, it may regret its acquisition five years ago of the online advertising company aQuantive for $6.3bn in an all-cash transaction. Earlier this month, it warned aQuantive would be responsible for a $6.2bn writedown in its Online Services Division, reflected in its fourth-quarter results. In its online advertising efforts, "the acquisition did not accelerate growth to the degree anticipated," said Microsoft, in a considerable understatement. Online Services, which also includes the Bing search service, has been losing money for over five years. Microsoft also deferred $540m in revenues expected from its Windows Upgrade Offer. This will allow buyers of new Windows 7 PCs to purchase the Windows 8 operating system for $15 when it appears in late October. The impairment charge and deferred revenues reduced Microsoft to a loss of 6 cents per share in the fourth quarter, or $192m.