Steven D. Jones and Nathalie Tadena for the Wall Street Journal:

Sustained growth of Microsoft Corp.’s (MSFT) core Office and enterprise software businesses cheered investors even as the software giant swung to a fiscal fourth-quarter loss–its first quarterly loss in at least 20 years–after a write-down and increase in deferred revenue related to a Windows 8 upgrade promotion.

Remember the bad old days when Apple used to lose money and Microsoft was the golden child?

Don’t get cocky. It wasn’t that long ago. This industry can turn on a dime.