This week marked the end of an era. For the first time, Microsoft failed to hit analysts' earnings targets.

It did hit the revised target of 47 US cents per share for the second quarter following a profit warning in December but that's not the same thing. If you keep lowering the bar on expectations, there is little excuse for failing to meet those diminished expectations.

But wait, what about the software giant's previous warning on profits? That was back in 1989 but, in the event, Bill Gates's group, which employs 2,000 people in Dublin, did meet its original targets then. As I say, the end of an era.