Microsoft has entered a new growth phase, though its long-term bets on new businesses like online advertising and consumer electronics may be beyond the patience of many investors, Steve Ballmer, chief executive, said on Thursday.

Speaking at the company’s annual financial analyst meeting, the Microsoft boss delivered a characteristically blunt defence of the company’s push into consumer internet and device markets in the face of continuing big losses and what he conceded were doubts on the part of some shareholders.