Tech giant Microsoft (NASDAQ: MSFT) did not escape last year's tech stock sell-off; however, its 28.7% decline was more than 4 percentage points better than that of the Nasdaq Composite, which fell 33% in 2022.

Not only does Microsoft tend to fall less than the Nasdaq in downturns, but the stock has also handily beat the index over the past 3-, 5-, and 10-year periods.

What's the key to Microsoft's low-risk winning ways? We can find several clues in the revenue breakdown of its most recent earnings release.

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Source Fool.com