5:36pm -- Microsoft's CFO -- Chris Liddell -- is going to run the call. Looks like CEO Steve Ballmer is not in attendance here, nor is CTO Ray Ozzie -- or is that Bill Gates? Just kidding. Looks like MSFT's earnings release is here.

5:38pm -- revenue grew 6% in the last quarter from the prior year -- a healthy jump for a company of Microsoft's size (I agree with this). Retailer demand was robust for 1) consumer PCs and 2) xbox 360 consoles in the last quarter as well. Yeah -- what are the percentages?

5:41pm -- With Windows Vista launching next week, fiscal 2007 is expected to see double-digit revenue growth. I think this is right on -- Vista will be adopted by OEMs, even is slow consumer and business uptake happens.

5:43pm -- looks like revenue and EPS ended up higher than Microsoft's prior guidance and estimates. That ought to put up MSFT shares tomorrow (and tonight). Sales of $12.54 billion for the last quarter, and 76% increase in the xbox business (entertainment biz) and other increases in the PC arena. PC market grew at a 8% to 10% during the last quarter -- even with Vista coming up. People and businesses still bought tons of PCs last quarter, eh?

5:45pm -- notebook PC sales growth outpaced desktop PC sales, with desktop PCs selling well outside U.S. markets. Licensing growth for the operating system biz grew faster than expected last quarter.

5:47pm -- business group revenue results are up next: with the "technology guarantee" for consumers to upgrade to the new Vista OS, there were more than $1 billion in revenue deferrals to this quarter (and beyond). OEM licensing sales for last quarter, though, grew 8%.

5:48pm -- Windows XP Media Center Edition sales grew at a rapid pace last quarter, and the point is made that Windows XP Professional tips the scales at a 5X profit level over Windows XP Home. Sounds pretty solid to me...

5:50pm -- YoY revenue on Microsoft's search advertising business was the best since the launch of Microsoft's "AdCenter" platform was launched at the start of 2006.

5:52pm -- 10.4 million xbox 360 consoles have been sold so far -- wow! That is a great number. For December 2006, NPD says that the xbox 360 console outsold the Nintendo Wii and Sony Playstation 3 -- combined. If that figure can be validated, Microsoft is winning the console war so far. So far.

5:55pm -- EPS for the quarter was at $0.26. Chris comes back on to get through an overview for the rest of FY2007 and give guidance as well.

5:56pm -- Chris says that full-year FY2007 revenue should be $50.2 to $50.7 billion, with $13.2 billion expected in the upcoming Q3 period.

5:59pm -- 60% is the "premium mix" expectation for Microsoft's upper-crust products like Vista Home Premium and Windows XP Media Center Edition for this current quarter (Q3). Chris is not really getting into the details of Microsoft's search ad business, only to say that "more measured growth" will be happening (read: slower growth as Google continues to beat Microsoft handily here).

6:01pm -- 5 million xbox live members now subscribe to Microsoft's online gaming service / entertainment service, as Hi-Def movies and other content are now available in the xbox platform. Moving way beyond games, Microsoft? Sure it is -- why not? Captive audience there.

6:03pm -- the Q&A starts...

6:04pm -- the first question deals with how Microsoft is going to "up" the premium product mix in Q3 (this quarter) to offset the "technology guarantee" program that allows customers to get the new Windows Vista product even if they bought a Windows XP product before Vista became available.

6:07pm -- the second question comes in -- this one deals with the slippage of Microsoft's search ad business and when it will be turning around. Chris responds by saying that the recent 20% quarterly growth was good (but that's not good enough for the future's guidance). Chris also says that "measured growth" is the goal. Nothing specific about the future of the ad search business here.

6:11pm -- the third question concerns xbox growth guidance for the rest of the year -- will it be "inventory flush-out"? Chris responds by saying that the guidance given so far will be further explained at Microsoft's investor's day in mid-February with himself and CEO Steve Ballmer in NYC.

6:13pm -- the fourth question deals with all the new product launches -- Windows Vista, Office 2007 and the new Windows Exchange Server -- and if the demand will actually materialize to give Microsoft the upside it has given guidance on so far.

6:16pm -- the fifth question comes in -- is deals with ASP improvement (average selling price). Will Microsoft see ASP increases in FY2007? Chris says that license renewals growth is great, but there is no huge shift in product mix at this time that would up the ASP in a significant way.

6:20pm -- the sixth question comes in, and it's about Office 2007's pricing structure. Office 2007 has not seen big price increases like other Microsoft products, unlike recent products that were released with higher prices (with little customer pushback). Why is this? The answer -- giving customers higher value at the same or slightly higher prices over time. Chris says this is a "good philosophy".

6:23pm -- the next question deals with Microsoft's spending in its last quarter, and what was the strategy there in terms of spending on online services and other programs (flexibility).

6:26pm -- questions are winding down -- and the last one concerns "Codename Titan" which will be released in the summer of 2007.

6:30pm -- that's it! A great quarter for Microsoft, record revenues and great sales of the xbox 360 game console. Mcrosoft just keeps racking up growth and sales -- media comments about Microsoft's demise -- so far -- are unwarranted.

Did last week's reader poll about Microsoft meeting/beating/disappointing investors with its most recent quarter have a winner? Sure it did -- and the winner goes to (drum roll please) -- those poll responders that chose "beat" -- all 45% of you. You all have it made in the shade. Estimates of $12.07 billion were beat by Microsoft's $12.54 billion figure -- quite a hefty defeat really. Thanks folks!