CNBC tech reporter Jim Goldman went on air today and said Microsoft had lowered its revenue guidance for the full year, which wasn’t true. The stock dropped, and now Wall Street hates him. How could this happen? Answer: He’s stupid. And lazy. And he apparently gets his news from blogs, which everyone knows can’t be trusted.
The one bright spot in all this, of course, is that Borg shares got hammered, because all the dopes on Wall Street apparently believe whatever they see on CNBC. Just one problem with what Goldman reported — Microsoft hadn’t lowered guidance on revenue. They’d lowered guidance on their operating expenses. In other words, they reported good news. Not bad. Nevertheless, the stock went down. Yay Jim Goldman! Your free video Nano is in the mail.
Hilarious thing in the video (below) is that Goldman says Microsoft “lowering — lowering — its full-year revenue guidance to a range of $26.2 to $26.5 billion.” One big problem with that claim (other than the fact that it was not true) is that, um, Microsoft’s full year revenues are nowhere near $26 billion. They’re about $58 billion. You’d think Jim Goldman might have a rough idea of how much Microsoft does a year in revenues. I mean, they’re a pretty well-known tech company. But, um, no. So think about this: the Silicon Valley bureau chief of CNBC, an actual TV network that specializes in business news, does not know, even in ballpark figures, how big Microsoft is.
To be fair, it appears Goldman may have just been reporting something he read on a Wall Street Journal blog, which also misreported this statement. So who can blame him? I mean, he reads a blog, and he goes on air and reports it as fact. Isn’t that what they teach you at journalism school?
Now all the dickhead traders are mad at Goldman, and even though I hate the guys on Wall Street I have to admit that I understand their anger on this one. Hell, if it weren’t for the fact that Little Jim does such a thorough job of polishing my knob every time we release a new product, I’d be calling for his head too.