Microsoft (Nasdaq: MSFT), the world's biggest software company, reported first-quarter net income fell 22 percent as PC sales lagged and customers awaited the final release of the Windows 8 OS.

The company reported net income of $4.47 billion, or 53 cents a share, on revenue of $16 billion, down about 8 percent from the year-earlier period.

Analysts surveyed by Thomson Reuters had expected the Redmond, Wash., company to report net income around $4.69 billion, or 56 cents a share, on revenue of $16.4 billion.

Microsoft shares fell 2 percent to $28.84, down 64 cents, in after-hours trading. They'd risen nearly 14 percent in 2012.

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