Mashable in an article, Microsoft Posts Record Earnings, But Still Losing Billions on the Web, compares Microsoft's online division to a start-up, in which case Microsoft would have the worst start-up in history. The company is losing 2 billion dollars on their online division per year.
Of course, the company is talking up the pluses of it's online division--as well as admitting that the web and mobile web are the future. For example, Bing is continuing to acquire market share. (Although, some are concerned that Bing is taking market share at the expense of it's partner Yahoo!.)