Microsoft said strong demand for new products, including the Xbox 360 gaming console, drove a 13 percent jump in revenue for its third quarter, but its earnings and outlook fell short of Wall Street expectations and the company's stock took a pounding as a result. Income for the quarter was US$2.98 billion, up 16 percent, but fell short of analyst targets on a per-share basis, at 31 cents versus the consensus of 33 cents. Revenue came in at $10.9 billion, a 13 percent increase over sales of $9.62 billion a year earlier.

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