Microsoft posted revenue of $ 20.5 billion in the third quarter of its 2016 financial year, down 6 percent from the same quarter a year ago. Operating income was $ 5.3 billion, a 20 percent drop, net income was $ 3.8 billion, down 25 percent, and earnings per share were $ 0.47, a 23 percent decline.

Over the past few quarters, Microsoft and other tech companies have reported significant impact from the high value of the US dollar, and have offered equivalent financial figures that show what their numbers would have been had the value of foreign earnings not been eroded by this conversion. This currency impact was estimated as reducing revenue by about $ 0.8 billion. The company also reports that there was a $ 1.5 billion impact from a combination of revenue deferrals due to Windows 10 upgrades and restructuring charges. Excluding this impact, and assuming constant currency values, the company says that its revenue was $ 22.1 billion (up 5 percent), operating income was $ 6.8 billion (up 10 percent), and net income was $ 5.0 billion (up 6 percent).

The commercial cloud annualized revenue run rate—the forecast number that former Steve Ballmer dismissed as “bullshit“—crept up to $ 10.0 billion; three months ago, it was estimated at $ 9.4 billion.