Apple Inc. (NASDAQ: AAPL) has moved to the margins enough in the conversation about big tech that earnings from Google Inc. (NASDAQ: GOOG) and Microsoft Corp. (NASDAQ: MSFT) today did not draw the comparisons with Apple that they did for years. Until recently, in the eyes of Wall Street, Apple was a better software company than Microsoft and Google. And neither could hold a candle to Apple in the hardware business.

Still, Apple was the elephant in the room today. Microsoft’s results proved, if it needed to be proved at all, that the PC era’s end had hurt Redmond badly. It also reminded the world that Apple can still make hardware and sell that hardware in great numbers. Meanwhile, Microsoft was not even able to sell a tiny number of its Surface tablets, and it took a $900 million write-down on the product. Apple may be crippled, but it can still walk fast.

Google’s edge over Apple was supposed to be that software and Internet companies have phenomenal gross margins. Apple could never match Google’s, so long as Google’s cost per click rose forever. As the metric dropped 6%, Google suddenly has margin problems. Google measures margins in two ways, and both were bad in the most recent quarter.

GAAP operating income in the second quarter of 2013 was $3.12 billion, or 22% of revenues. This compares to GAAP operating income of $3.24 billion, or 27% of revenues, in the second quarter of 2012. Non-GAAP operating income in the second quarter of 2013 was $3.99 billion, or 28% of revenues. This compares to non-GAAP operating income of $3.94 billion, or 33% of revenues, in the second quarter of 2012.

Wall Street used to watch Apple’s margins like hawks. Perhaps now it is Google’s turn.

One thing Apple was able to avoid today was a drop in share price. That distinction was held by Microsoft and Google. One disappointment restarted the dialogue about the death of search, the other about the mortification of the PC. After so much trouble, and drama, Apple deserved a day off.

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