Microsoft 2004 Annual Report Download - page 33

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PAGE 33
• currency fluctuations;
• our ability to implement operating cost structures that align with revenue growth;
• the continued availability of third-party distribution channels for MSN service and other online services;
• factors associated with our international operations, as described under Operations on pages 9-10 of this report;
and
• financial market volatility or other changes affecting the value of our investments, such as the Comcast
Corporation securities held by us that may result in a reduction in carrying value and recognition of losses
including impairment charges.