BATED BREATH: Microsoft is gearing up to launch Windows 8 in a week. That meant it deferred revenue for PCs that manufacturers have shipped, but aren't on store shelves yet. In addition, PC buyers seemed to be holding off, as PC sales dipped in the quarter.

BOTTOM LINE: Microsoft's net income was $4.47 billion, or 53 cents per share. That was down 22 percent from a year ago. Revenue fell 8 percent to $16 billion.

THE STOCK: Microsoft shares dipped more than 3 percent after the release of the results, but recovered somewhat after reassuring comments about business-software licensing on a conference call.