Microsoft Sales Drop Amid Weak PC Market by Reuters @FortuneMagazine April 21, 2016, 4:08 PM EDT E-mail Tweet Facebook Linkedin Share icons (Reuters) – Microsoft’s quarterly adjusted profit missed analysts’ estimates as a continued slump in personal computer sales hurt the company’s core Windows business, sending its shares msft down 4% in extended trading. The company’s net income fell to $3.76 billion, or 47 cents per share, in the third quarter ended March 31, from $4.99 billion, or 61 cents per share, a year earlier. Revenue fell to $20.53 billion from $21.73 billion. Adjusted revenue rose to $22.08 billion from $21.73 billion. Excluding one-time items, Microsoft earned 62 cents per share. Analysts on average had expected a profit of 64 cents per share on revenue of $22.09 billion, according to Thomson Reuters I/B/E/S. Revenue in Microsoft’s “intelligent cloud” business, which includes the Azure cloud infrastructure and services business as well as products such as server software, rose 3.3% to $6.1 billion in the quarter. Chief Executive Satya Nadella has focused on developing the company’s cloud business with his “mobile first, cloud first” strategy, since taking over in early 2014. For more about Microsoft, watch: Windows OEM revenue declined 2% in constant currency. Worldwide PC shipments fell 11.5% in the first quarter, according to research firm IDC.