Microsoft cuts growth forecast after $6.2bn writedown

Microsoft Corp ratcheted back growth expectations for its internet and search engine unit last night as it took a $6.2bn writedown on the value of an online advertising company it bought five years ago.

The charge will likely wipe out any profit for the company’s fiscal fourth quarter, the results of which are expected this month.

Microsoft bought the internet advertising company aQuantive in 2007 in an attempt to catch rival Google Inc in the race for revenues from search-related advertising.