- The economy is down and will stay down for a bit, so business holding back on expenditures.
- The desktop market is saturated and there is no longer any market to take away from competitors, so to increase revenue they must increase prices and license enforcement which angers their customers and reduces trust.
- The server market is being strongly defended by Unix and Linux. Microsoft expected to dominate this market by now - instead they are fighting to keep their current share.
- People are no longer upgrading whenever a new version comes out because they know it isn't going to offer anything compelling. Microsoft must force everyone to subscription, which angers their customers and reduces trust.
- Microsoft is trying to "buy in" to a huge market that's well defended, but that drains money they need to show revenue growth.
- Ongoing antitrust action continues to tarnish Microsoft's public image and reduce trust.
- Microsoft is trying every angle they can think of to take other people's profits, further reducing trust.
- To win in new markets Microsoft need the trust of other companies, but nobody trusts Microsoft any more - at all. My Services is a major case in point, and now on-line gaming.