Asymco has released a report that compares Apple’s and Microsoft’s financial earnings. Asymco’s Horace Dediu compares product revenue from both companies to determine who has better financial performance.

Microsoft has its mind-boggling array of Windows products, along with multiple enterprise solutions. And there’s of course Windows Phone 7. Apple has all of its ‘i’ hardware, software, percentage cuts from the iTunes store, Mac sales, and peripherals.

So, who is the victor in the battle for revenue? You guessed it…

The results don’t make particularly good reading for the Redmond team, with Apple soundly beating the company when it comes to revenue results.

Dediu notes Apple’s considerable growth recently, with both the iPad and iPhone serving as key drivers for Apple’s increased earnings and stock valuation.

  • “The Mac business generates more Revenue than Windows
  • iOS powered devices generate more revenue than all of Microsoft’s products put together
  • Apple’s revenues grew 413% since Q2 2007 while Microsoft’s grew 26%
  • The release of Windows 7 had a marked effect on revenues in the launch quarter but the sales did not seem to grow above the previous version’s run rate ($4.2b/quarter vs. $4.7b/q on average).”

The most striking factoid to come out of the analysis is one that will put a smile on the faces of Tim Cook and his band of merry men. Apple’s iDevices make more revenue than Microsoft’s entire product line put together. Just read that over a couple more times.

With that in mind, it’s no great surprise that Mac OS X-based machines make more money than Windows, though that’s perhaps a case of comparing apples to oranges, if you’ll excuse the pun!

With Apple’s iOS business doing so well, and Microsoft struggling under the leadership of Steve Ballmer, what’s next for two of the most iconic tech companies on the planet?

The answer: profit. And lots of it. If you’re in the Apple camp, that is.