There's a quick summary of Microsoft's quarterly numbers in this story. You can also read the full earnings release here.

Executives are crowing about a significant emotional milestone for the company: Passing the $50 billion mark for annual revenue. The company posted $51.12 billion in sales for the 2007 fiscal year.

The fourth quarter was pretty much as expected. The charge for the Xbox 360 failure rate and associated warranty extension looks to be on the low end of the range the company announced July 5. It works out to be a $1.06 billion hit to operating income, which translates to a $749 million charge against net income.

Executives also revised upwards their guidance for the full 2008 fiscal year. But the new numbers -- revenue between $56.8 billion and $57.8 billion, operating profit of $22.2 billion to $22.7 billion -- do "not include the impact of currently undetermined costs associated with Microsoft's [$6 billion] acquisition of aQuantive, Inc., which is expected to close in the quarter ending September 30, 2007."

The gains made in the regular trading session today, pushing Microsoft stock to a new 52-week high, held through the bell and traders were bidding the stock higher in the early minutes of the after-hours session. We'll see if the trend continues through the evening.

Meanwhile, it looks like Google is missing analyst targets for the quarter, even though it posted another set of strong gains.