There was a time when half of Microsoft's net profits came from stock dilution. They were issuing new shares for employee stock option grants, so the strike price went into revenue every time options were exercised.

The schadenfreude crowd was waiting and hoping for MS to make a big misstep. Any slip in profit would reduce their P/E, and if the stock price leveled off they would get hit again when option exercises declined, taking them negative (fewer new employees also equals less stock revenue).

As one person put it, they were a bicycle. Stable while moving but would fall over as soon as they stopped. But I got bored of following MS long before those supposed hens came home to roost so I have no clue what really happened.