>are significant web operations.

How are they significant: by the profit they bring, by the market share or by the investment made by the company?

Personally I never associate Microsoft with the web. It's either desktop OS or Xbox.

hotmail is the most popular web based email in the world, internet explorer is the most popular browser in the world, bing wich also powers yahoo accounts for about a quarter of searches in the US, and ten there is windows live, azure, skydrive, etc. Much bigger than most significant web operations imo

Hot mails losing customers. Ie is losing Customers. Bing isn't profitable.

Ten years ago, sure. Bit now? Really? Microsoft?

Not to mention Sharepoint and all the new Office Web Apps.

...but also Windows 7, Microsoft Office/Exchange... etc

There's also Internet Explorer...

Those aren't internet apps.

Err, yeah, thats my point

And CRM Online! :D

the company doesn't make any money from those.