MS payout signals new discipline

The moves ultimately resulted in costly write-offs of nearly $10 billion. Microsoft is still pouring cash into money-losing ventures, in areas such as software for cell phones, television set-top boxes and its Xbox video game console. The company’s MSN Internet division recently began to make money after costing the company billions over the past decade. But in a sign of its emerging, more disciplined approach under chief executive Steve Ballmer, Microsoft started breaking out its quarterly results for its seven main divisions nearly two years ago, making it easier to track the profitability of each business.

Some analysts said that the payout reflects a more mature company preparing to settle in for a period of modest, predictable, growth, but others disagreed. ‘‘We vehemently disagree with the bears’ argument that this distribution plan reflects an admission of the maturation and end of growth,” said Charles Di Bona, analyst at Sanford C. Bernstein & Co.

Microsoft needs to keep investing in newer businesses to try and capture future growth, said Matt Rosoff, analyst at Directions on Microsoft, an independent research company that focuses on Microsoft. The research company is based in Kirkland, Washington.

A Microsoft spokeswoman on Wednesday declined to comment on whether the payout reflected a shift in the company’s investment and growth strategy. Despite the massive payout — consisting of a $30 billion share buyback plan, doubling of the dividend that will cost $14 billion, and a one-time special dividend that amounts to $32 billion — analysts say that Microsoft will still have at least $25 billion, enough cash for new acquisitions. For now, analysts said, Microsoft seems focused on buying smaller software businesses for their technology or talent, as in last week’s acquisition of search provider Lookout Inc. by Microsoft’s MSN division.