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Here's how the company did in the fiscal third quarter compared with what the Street expected:
The figure in the company's "more personal computing" segment represents a 7 percent decline from what it reported in the year-ago period. Microsoft said the decrease was primarily driven by lower phone revenue.
Within the "more personal computing" segment, the company said it saw a 26 percent decrease in Surface, a line of tablets and computers.
The stock fell as much as 3 percent in after-hours trading, but has since recovered its losses. It was last seen trading just slightly lower.
Here's the company's outlook for the fiscal fourth quarter, compared to analyst forecasts:
Robert Luna, CEO of Surevest Wealth Management, told CNBC's "Closing Bell " that the stock has had a "tremendous run" going into earnings. Shares of Microsoft hit a fresh all-time high of $68.31 on Wednesday.
Luna said, however, he wouldn't necessarily sell the stock on these results because the company has a lot going for it, including its key cloud product, Azure.
Azure, which competes with Amazon Web Services, nearly doubled its revenue growth again this quarter. Microsoft said the product saw sales growth of 93 percent.
Growth in cloud revenue is seen as a key indicator of Microsoft's progress as the company transitions away from legacy businesses. In October, the stock broke through its 1999 highs after the company said Azure saw revenue growth of 116 percent.
As of its Thursday close, the stock has surged more than 34 percent in the past 12 months.
Disclosure: Surevest Wealth Management holds Microsoft for its clients.
Watch: Pro advises patience with MSFT