How the Surface lost $1 billion and lived to tell the tale

March 31, 2015 1:35 PM

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Panos Panay had just nailed his presentation of the Surface 2 to 1,800 members of Microsoft's elated sales team, and the Surface chief was riding an all-time high.

Microsoft's (MSFT, Tech30) CFO Amy Hood met Panay backstage on that summer day of 2013. She told Panay that Microsoft was about to announce a $900 million writedown because of a boatload of Surface tablets that didn't sell.

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