Microsoft's stock price fell after a report in the preceding quarter. The company's revenue grew by 8% compared to the same period of the last year to 26.5 billion dollars. Analysts had expected an increase to 26.33 billion. At the same time, the company's profit fell by 9% to 0.71 dollars per share. Sales in China and Japan fell short of expectations. Despite the deterioration in its results, we expect sales growth of cloud services, smartphones and tablets. At the same time quotations will be under the pressure of the weak growth in sales of the operating system. We maintain our positive outlook for the medium-term with growth potential of 20-25% in 2015.