Microsoft delivered its quarterly results Wednesday and it was a mixed bag of news.

Microsoft delivered an impressive $50.1 billion in revenue, an increase of 11% over the year ago quarter. Despite the increased revenue, however, net income was down 14%, coming in $17.6 billion.

The company’s results are very much in line with the overall state of the economy, and the tech sector in particular. While the pandemic fueled massive growth in the personal computer, tablet, and smartphone market, those markets have slowed as things have returned to normal. That reality is reflected in Microsoft’s earnings, with Windows OEM revenue dropping 15%. In fact, revenue from More Personal Computing decreased slightly overall, coming in at $13.3 billion.

Cloud computing was one of the company’s bright spots. Server products and cloud services revenue was up 22%, with Azure and cloud services revenue up 35%.

“In a world facing increasing headwinds, digital technology is the ultimate tailwind,” said Satya Nadella, chairman and chief executive officer of Microsoft. “In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way.”

“This quarter Microsoft Cloud revenue was $25.7 billion, up 24% (up 31% in constant currency) year-over-year. We continue to see healthy demand across our commercial businesses including another quarter of solid bookings as we deliver compelling value for customers,” said Amy Hood, executive vice president and chief financial officer of Microsoft.