Microsoft chairman Bill Gates got a standing ovation Wednesday as he strolled smiling onto the stage at the annual meeting of nearly 3,000 stockholders here.
He gave a vigorous defense of his company`s legal position in the wake of Friday`s devastating ruling in the antitrust case. "Microsoft competes fairly and vigorously," Gates said. "The American legal system will ultimately affirm that Microsoft`s actions and innovations were fair and legal."
US District Judge Thomas Penfield Jackson ruled Friday that Microsoft used its monopoly of personal computer operating systems to raise prices and systematically stifle innovation and competition. Barring an out-of-court settlement, the judge will now draft his legal conclusions as to whether Microsoft has violated anti-trust law.
There was scattered applause when Gates suggested a "speedy settlement." But he was adamant that this would be problematic "if we can`t add Internet functionality to Windows."
If Gates, 43, and his company have lost in the courts, he`s winning in the eyes of stockholders and in the court of US public opinion. A new Gallup poll reports that Gates` popularity has risen.
Meanwhile Microsoft shares lost 1 3/4 Wednesday to 87 1/8 dollars. But stockholders were in an upbeat mood, adding comments of support with their questions.
Basking in the friendly atmosphere, Microsoft President Steve Ballmer, Chief Operating Officer Bob Herbold, Chief Financial Officer Greg Maffei and the company`s top lawyer Bill Neukom got a standing ovations when they took the stage at the Meydenbauer Center in Bellevue.
Gates currently holds 787 million Microsoft shares, or 15.3 percent of the firm. His holdings were worth 72.06 billion dollars on Friday and 69.55 billion early Monday.
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