Microsoft this afternoon reported revenue of $19.02 billion for the quarter ended Dec. 31, up 14 percent from the same quarter last year. The company credited strong Windows 7 sales for putting it back on track at the end of one of the most difficult years in its history.

The reported number was artificially inflated by the inclusion of $1.71 billion in revenue that had been deferred from the previous quarter to account for Windows 7 upgrade promotions. But even discounting the impact of that accounting requirement, the company would have posted $17.31 billion in revenue for the quarter, an increase of 4 percent over the same quarter last year, and still a quarterly record for the Redmond company.

Microsoft's earnings per share were 74 cents as reported -- eclipsing the 59-cent-per-share expectation among Wall Street analysts surveyed in advance by Thomson Reuters. Adjusting for the revenue deferral, the company's earnings per share would have been 60 cents.

Microsoft said it had sold more than 60 million Windows 7 licenses at the end of the December quarter. The operating system was launched Oct. 22.

More to come, including a detailed analysis and breakdown of the company's divisional results. You can listen live to Microsoft's conference call with analysts here starting at 2:30 p.m. Pacific time.

Follow-up: Breakdown: PC Windows sales strong, but other Microsoft units struggle.