Microsoft announced on Thursday, a record third-quarter revenue of $16.43 billion for the quarter ended March 31, 2011.

Analysts were expecting Microsoft to post earnings of 56 cents per share however the software giant breezed past the estimates to report earnings of 61 cents per share. “We delivered strong financial results despite a mixed PC environment, which demonstrates the strength and breadth of our businesses,” said Peter Klein, chief financial officer at Microsoft. “Consumers are purchasing Office 2010, Xbox and Kinect at tremendous rates, and businesses of all sizes are purchasing Microsoft platforms and applications.”

Microsoft managed to secure $5.23 billion net income in Q3, 2011. This figure is less than Apple’s equivalent and means that Microsoft is now less profitable. Apple recorded $5.99 billion net quarterly profit for its second quarter ended March 26, 2011.

Microsoft’s strong third-quarter earnings came after global PC shipments declined 3.2% during the first quarter of 2011, compared to the same period last year. IDC originally forecast a 1.5% growth in shipments but noted the decline recently. “A spike in fuel and commodity prices and the disruptions in Japan added to the mix, further dampening a market struggling to maintain momentum,” says IDC. Despite the lagging PC market, Microsoft’s revenue increased by 13 percent year-on-year. However, Windows sales were down 4% “inline with PC trends”.

Microsoft Business Division revenue grew 21% year-over-year. Office 2010 has become the fastest-selling version of Office in history, and the integrated innovation with SharePoint, Exchange, Lync and Dynamics CRM is driving significant growth for the division says Microsoft. Microsoft’s Entertainment & Devices Division grew 60% year-over-year, fueled by Kinect for Xbox 360, the fastest-selling consumer electronics device in history, continued strong Xbox 360 console sales and growth of Xbox Live.

Microsoft is currently trading down around 2% in after-hours NASDAQ trading. Microsoft is due to hold an earnings call at 17:30 ET, WinRumors will update this story with any items of interest.