Perl usually hooks libc stuff like printf and malloc on win32 to make very old thread-unsafe XS code, thread-safe (the effort usually fails). Do a #undef printf to get back the real printf and not a hook into perl.

Wouldn't that affect the msvc build as well as the gcc build?

Anyhow, I tried it:

#include <EXTERN.h>
#include <perl.h>

EXTERN_C void xs_init (pTHX);

EXTERN_C void boot_DynaLoader (pTHX_ CV* cv);
EXTERN_C void boot_Win32CORE (pTHX_ CV* cv);

EXTERN_C void
xs_init(pTHX)
{
  char *file = __FILE__;

   dXSUB_SYS;

   /* DynaLoader is a special case */
   newXS("DynaLoader::boot_DynaLoader", boot_DynaLoader, file);
   newXS("Win32CORE::bootstrap", boot_Win32CORE, file);
 }

#undef printf

static PerlInterpreter *my_perl;  /***    The Perl interpreter    ***/

int main(int argc, char **argv, char **env) {
    printf( "So far, so good!\n" );
    PERL_SYS_INIT3(&argc,&argv,&env);
    my_perl = perl_alloc();
    perl_construct(my_perl);
    PL_exit_flags |= PERL_EXIT_DESTRUCT_END;
    perl_parse(my_perl, NULL, argc, argv, (char **)NULL);
    perl_run(my_perl);
    perl_destruct(my_perl);
    perl_free(my_perl);
    PERL_SYS_TERM();
    return 0;
}
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And still the gcc build produces no output:

C:\test>gcc_bld_hello.c.pl18

Building Hello
gcc -Wall -mwindows -o hello hello.c   -s -O2 -DWIN32 -DWIN64 -DCONSER
+VATIVE  -DPERL_TEXTMODE_SCRIPTS -DPERL_IMPLICIT_CONTEXT -DPERL_IMPLIC
+IT_SYS -DUSE_PERLIO -fno-strict-aliasing -mms-bitfields  -I"C:\Perl5.
+18\perl\lib\CORE"    -s -L"C:\Perl5.18\perl\lib\CORE" -L"C:\Perl5
gw32\lib\libmpr.a C:\Perl5.18\c\x86_64-w64-mingw32\lib\libwinmm.a C:\P
+erl5.18\c\x86_64-w64-mingw32\lib\libversion.a C:\Perl5.18\c\x86_64-w6
+4-mingw32\lib\libodbc32.a C:\Perl5.18\c\x86_64-w64-mingw32\lib\libodb
+ccp32.a C:\Perl5.18\c\x86_64-w64-mingw32\lib\libcomctl32.a

In file included from C:\Perl5.18\perl\lib\CORE/sys/socket.h:180:0,
                 from C:\Perl5.18\perl\lib\CORE/win32.h:386,
                 from C:\Perl5.18\perl\lib\CORE/win32thread.h:4,
                 from C:\Perl5.18\perl\lib\CORE/perl.h:2869,
                 from hello.c:2:
C:\Perl5.18\perl\lib\CORE/win32.h:391:26: warning: "/*" within comment
+ [-Wcomment]
C:\Perl5.18\perl\lib\CORE/win32.h:392:33: warning: "/*" within comment
+ [-Wcomment]
In file included from C:\Perl5.18\perl\lib\CORE/win32thread.h:4:0,
                 from C:\Perl5.18\perl\lib\CORE/perl.h:2869,
                 from hello.c:2:
C:\Perl5.18\perl\lib\CORE/win32.h:391:26: warning: "/*" within comment
+ [-Wcomment]
C:\Perl5.18\perl\lib\CORE/win32.h:392:33: warning: "/*" within comment
+ [-Wcomment]

C:\test>.\hello.exe hello.pl18

C:\test>.\hello.exe hello.pl18

C:\test>
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Whereas the cl build does what is expected:

C:\test>cl /W3 hello.c -DWIN32 -I"C:\Perl64\lib\CORE"  C:\Perl64\lib\C
+ORE\perl510.lib
Microsoft (R) C/C++ Optimizing Compiler Version 15.00.21022.08 for x64
Copyright (C) Microsoft Corporation.  All rights reserved.

hello.c
Microsoft (R) Incremental Linker Version 9.00.21022.08
Copyright (C) Microsoft Corporation.  All rights reserved.

/out:hello.exe
hello.obj
C:\Perl64\lib\CORE\perl510.lib

C:\test>.\hello.exe hello.pl
So far, so good!
Hello from MSWin32 5.010001
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