Bill Gates reacts to Microsoft's first reported quarterly loss

(CBS News) In the wake of Microsoft's first reported quarterly loss, Microsoft chairman Bill Gates responded to critiques that Microsoft has lost its ability to innovate, telling CBS News "the tech industry is very competitive."

Pictures: Bill Gates

Gates said the company has been working on products for years that are just coming out, and it's "always a bit backwards looking." He added, "Are there products that Microsoft has done super well on? Absolutely. ... Are there products other companies have done super well on? Yeah, absolutely. It's a great field. It's a great field to be a customer in. ... The tech industry is so amazing and Microsoft is a huge contributor."

Gates downplayed the company's recent loss saying it's "an accounting thing that led to that...one-time thing." He added, "I don't think you should read too much into it. Microsoft, on a financial basis, a research basis, is a phenomenally strong company."

For more with Gates on his continued presence in the company as its chairman, and his philanthropic efforts, particularly in the fight against HIV/AIDS, watch the video in the player above.