Microsoft posted revenue of $20.5 billion in the first quarter of its 2017 financial year, a negligible rise on the same quarter last year. Operating income was $5.2 billion, down 8 percent year on year, net income was $4.7 billion, down 4 percent, and earnings per share were $0.60, down 2 percent.

As ever, Microsoft also offered alternative figures that book Windows 10 revenue up front instead of amortized over several years. Using that regime for both this year and last, revenue was up 3 percent at $22.3 billion, operating income was flat at $7.1 billion, net income up was up 6 percent at $6.0 billion, end earnings per share were up 9 percent at $0.76.

The company continued to cite negative impact on foreign earnings due to the strength of the US dollar; at constant exchange rates everything looks rosier.