Yes, 50. $51.12 billion, to be exact.

For the second quarter, Microsoft reported revenue of $13.37 billion, an increase of 13% over the same quarter last year. Earnings per share for the quarter were 31 cents, but the company says because of the unexpected Xbox 360 warranties they had to extend, earnings per share would have been 39 cents.

“Surpassing $50 billion in annual sales is a testament to the innovation and value that our product groups delivered into the marketplace, as well as the outstanding execution by our field sales, marketing teams and partners to bring that value to life with our customers,” said Kevin Turner, chief operating officer at Microsoft.

Well, we’ll buy the part about the sales team. Innovation might be a stretch.

Microsoft credits growth to this year’s availability of Windows Vista, and the 2007 Microsoft Office system, the revenue growth of which was primarily driven by the sales of these products.

“Our results this quarter cap off an extremely strong fiscal year for the company,” said Chris Liddell, chief financial officer at Microsoft.

“We have healthy core businesses and are strategically investing in growth opportunities, which will build on our success and contribute to continued double-digit revenue and earnings growth in fiscal year 2008.”

But projections had the search advertising giant earning $3.59 per share profit, but reported just $3.56 per share profit on net revenue of $2.68 billion.

At the closing bell, GOOG shares were trading at $548.59, but after hours, after report, trading has stocks trading at around $514, a decline of around six percent. Google enthusiasts may note this as a good time to buy.

Despite the miss, Google CEO Eric Schmidt is, as one might expect, spinning the earnings report positively.

"Our performance once again demonstrates the strength of our core search and ads business. The growth in our global traffic combined with our ongoing improvements in monetization resulted in solid revenue growth, even in a seasonally slow quarter," said Schmidt in a statement.

"We continue to expand our commitment to deliver compelling hosted applications to businesses of all sizes, most recently agreeing to acquire Postini and its robust set of tools for web communication for the Google Apps suite of products. At the same time, we remain focused on addressing the tremendous opportunities we see worldwide, adding the talent and building the infrastructure that will allow us to continue to provide rich user experiences to Google users around the world."

Still sitting on a mountain of $12.5 billion in cash, Google-owned sites generated revenues of $2.49 billion, or 64% of total revenues, a 74% increase over the same period last year, and a nine percent increase over 1Q 2007.

Partner sites through AdSense brought in $1.35 billion, or 35% of total earnings. Paid clicks were the same as the first quarter, but represented an increase of over 47% from 2Q 2006.