Over at Microsoft HQ in Redmond there will be some big back slapping going on after the tech giant recorded a record quarter and a record year in terms of revenue in its annual report.

But behind the slaps and congratulations will be a tinge of anxiety, as its record yearly revenue of $69.94 billion is still well short of the revenue that its big rival Apple is recording - $100.32 billion in the last four quarters.

Although Microsoft and Apple report their annual revenues at different times, with the Apple figure crossing over two reporting periods, the fact is that in the last year Apple has taken in more than $30 billion more than Microsoft in the last year.

Profits are a little closer - Microsoft's is $23.15 billion net income, Apple's $23.61 billion for the same period.

But the big worry for Ballmer and the gang is that, although Microsoft is now making more money than ever (mostly down to Office and Xbox 360 sales) it is falling behind a rival it had been dominating for years.

Another concern for Microsoft will be that its online faces, Bing and MSN, aren't doing too well. Sales were up by 16.5 per cent to $662 million, but it saw losses increase to $728 million.

And, the area where Microsoft once reigned supreme - operating systems - is now another area of concern. Windows sales are slowing in the face of the smartphone and tablet boom with even Intel admitting that PC sales would not be as strong as it had expected this year.

Windows 8 could see a Microsoft comeback in this area though, as it's a lot more tablet friendly and much more in touch, if you pardon the pun, with the touchscreen revolution that's now in full swing.

That'll certainly be the hope in the Redmond boardroom at least.