“I can’t say it’s good. We’re still down. But on a relative basis, it was a reasonable year, given the context of the environment,” said Chris Liddell, Microsoft’s chief financial officer.

Last week, Microsoft reported fourth-quarter revenue of US$13.1 billion, while analysts were expecting $14.37 billion.

Liddell and CEO Steve Ballmer tried to distinguish between the aspects of the company’s performance that it could control and those it could not. For example, the numbers of PCs that consumers buy is out of Microsoft’s control, Ballmer said.

But the company did well in areas that it can control, such as managing operating expenses, Liddell said. “We had great discipline around things that we can control,” he said.

Toward the end of the day, with a handful of the top executives on stage, Ballmer let slip his characteristic exuberance after an analyst asked him for sales guidance. He referred to a recent company sales meeting where “people were pumped, man,” about the lineup of new Microsoft products.