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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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In what will likely be its last quarterly earnings report before spinning off its local phone unit, Sprint Nextel said growth in key areas, especially broadband Internet access, helped drive revenue higher. Revenue for the first quarter was US$8.5 billion, up 13 percent from the same time last year, the company said, driven largely by demand for DSL lines and wireless subscriptions -- it added 1.3 million new accounts. Earnings were significantly lower, however, down 11 percent on merger charges and other costs.