By Joe Wilcox, Betanews

[Editor's Note: This was a live document from 4:20 p.m. EDT until 5:40 p.m.]

Microsoft weathered the brunt of slower-than-forecast PC sales to beat Wall Street consensus for fiscal 2011 second quarter. The software giant announced earnings after the bell, for the three-month period ended Dec. 31, 2010.

Microsoft revenue rose 5 percent to $19.95 billion, year over year. Operating income: $8.17 billion, down 4 percent. Net income: $6.64 billion, or 77 cents a share. Earnings per share rose by 4 percent year over year. However, Microsoft stated growth rates when counting a $1.7 billion deferral related to Windows 7's launch in the year-ago quarter. Without the deferral, revenue grew by 15 percent, operating income by 20 percent and earnings per share by 28 percent.

Two years ago this month, Microsoft stopped providing Wall Street analysts with quarterly and yearly guidance, in a move that is highly unusual for so large and so successful a public company. I've long argued that Microsoft's refusal to give guidance creates unnecessary negative perceptions about its performance. As such, Wall Street analysts had to rely solely on their wits to call the quarter.