Looks like the Windows Vista era is officially over. Microsoft this afternoon became the latest big technology company to post encouraging quarterly results, beating Wall Street's expectations with revenue of $14.5 billion and profits of 45 cents a share.

The company credited factors including strong sales of Windows 7, saying that the new operating system is now running on more than 10 percent of PCs worldwide, six months after its launch -- making it the fastest selling operating system in history. It's a sharp contrast from widespread problems that were plaguing Vista, the Windows 7 predecessor, at this point in its product life cycle.

The company's overall revenue for the quarter was a 6 percent increase over the same quarter last year. That result was diminished by a $305 million revenue deferral to account for upgrade promotions for the upcoming Office 2010 launch. Without that deferral, revenue would have been up 8 percent for the quarter.

Microsoft's earnings per share of 45 cents were up 36 percent -- beating, by 3 cents, the consensus of analysts polled in advance by Thomson Reuters. On the revenue side, analysts had expected a 5 percent increase, to $14.4 billion.

Follow-up: Windows saves the day, but rest of Microsoft business mostly blah

Boosting the Windows result was a 14 percent increase in business PC sales, said Bill Koefoed, Microsoft's general manager of investor relations. Sales to businesses had been lagging. Koefoed said the company is starting to see businesses replace their computers, spending more on technology as they exit the recession.

"That's a great thing for Microsoft," he said, calling the company's $7.4 billion in operating cash flow an all-time record and a "phenomenal number, especially if you look at it relative to our major competitors."

However, the $305 million in revenue deferred for the Office 2010 upgrade promotions was less than the $325 million some Wall Street analysts had been anticipating, suggesting lighter-than-expected spending in that area. Although Microsoft was able to boost its operating margins by controlling spending, Goldman Sachs analyst Sarah Friar noted that revenue in areas including the Microsoft Business Division, and Server & Tools fell short of Goldman's expectations.

"Solid quarter – we like the strength from Windows and tight cost control, protecting EPS and even driving higher," Friar wrote in a note to clients this afternoon. "However, other divisions are weaker than expected and deferred revenue a bit light, giving us some caution on the pace of the corporate recovery."

More to come, including a detailed breakdown of divisional results. Microsoft's earnings conference call, starting at 2:30 p.m., can be accessed here.

Post updated at 2:25 p.m.