The Adjacency Expansion · Growth & Portfolio
The Surface Never Made Microsoft a Hardware Company. It Made a $900 Million Argument to One.
Surface launched in 2012, ate a roughly $900 million write-down in its first year, and never topped ~3.5% of Microsoft's revenue. The product everyone calls a vindication wasn't a hardware business at all - it was a sales pitch aimed at Dell and Lenovo.
7 min