Microsoft is “moving on,” the software company’s Windows Live chief said Tuesday, but the failed Yahoo merger echoed through the media and equity markets as investors chided Yahoo Chief Executive Jerry Yang.

Shares of Yahoo remained buoyant Tuesday, climbing $1.27, or 5.2 percent, to $25.64 in late morning trading, suggesting that Wall Street believes a deal still could be revived. In negotiations that broke down Saturday, Microsoft had offered $33 per share for the Internet company, while Mr. Yang had staked out a $37 per share price.

Brian Hall, general manager of Microsoft’s Windows Live business group, acknowledged that a merger could have “accelerated” growth in Microsoft’s online businesses, but, “echoing the letter Microsoft Chief Executive Steve Ballmer sent to Mr. Yang Saturday ending talks, he said, “We’re moving on from the Yahoo discussion.”

Speaking at the Merrill Lynch Technology Conference in New York City, Mr. Hall declined to speculate on the possibility that Microsoft could shift its attention from Yahoo and make an offer for Time Warner’s AOL unit, but acknowledged that the firm’s e-mail, portal, and instant-messaging businesses retain strong customer bases.

After the merger breakdown, Mr. Yang drew a sharp rebuke from a top shareholder, according to a report in The New York Times. “I am extremely angry at Jerry Yang and at the so-called independent board,” said Gordon Crawford, portfolio manager for mutual fund firm Capital Research Global Investors. Capital Research has about 6 percent of shares outstanding, based on filings as of December 31.

Should Yahoo fail to reignite growth or complete a merger, Mr. Yang and fellow board members could come under intense questioning at the company’s annual meeting scheduled for July 3.

Microsoft first went public with an initial stock-and-cash offer valued at $31 per share, or $44.6 billion, February 1.

In remarks to investors, Mr. Hall said Microsoft is pursuing a vision of integrated computing where a user can move from a social network online to an Outlook email application offline or from a personal computer to a mobile phone and still have access to a unified address book and be able to respond to a message by typing or through voice.