Even if they counted the deferred revenue for filling the supply-chaing with “8” they would still be off 10% so they are doing worse than the unit shipments of PCs, expected because their share is falling. Retailers are really hoping they can sell “8”… There was no back-to-school bump. The whole operation was off 8%.
“Windows Division revenue decreased from the prior year, due mainly to the deferral of $783 million of revenue related to Windows 8 Pre-Sales and $384 million of revenue related to the Windows Upgrade Offer. Windows Division revenue was also negatively impacted by a decline in the PC market, decreased inventory levels within distribution channels as OEMs and retailers began to prepare for the Windows 8 launch, and continued higher relative growth in emerging markets, where average selling prices are lower than developed markets.”