Microsoft beats forecasts as cloud boosts quarterly results
27 October, 2017, 01:07 | Author: Shannon Newton
Microsoft reported adjusted per-share earnings of 84 cents.
Revenue gained 12% to $24.54 billion.
The company's Productivity and Business Processes unit, which encompasses its Office business, its Dynamics customer relationship management service, and LinkedIn, saw a year-over-year revenue gain of 28% to $8.2 billion.
Microsoft Corp reported better-than-expected quarterly profit on Thursday as demand for its cloud computing services for companies rose and its personal computer software business stabilized.
As a reward Microsoft's share price climbed 3.4% in after-hours trading to $81.46, giving the company a market cap of more than $626 billion. The company had guided for between $23 billion and $23.7 billion, and in the year-ago quarter.
Chief Executive Officer Satya Nadella has turned Microsoft into a cloud-computing powerhouse, recently reshuffling the sales force and investing in new products and services. Revenue in Microsoft's More Personal Computing segment, which includes Windows as well as the mobile-phone and gaming businesses, stayed flat at about $9.4 billion.
Microsoft said its commercial cloud annualized revenue run rate reached $20.4 billion in the quarter.
With its first fiscal quarter in the books, Microsoft is on track to achieve $20.4 billion in commercial cloud revenue from products like Azure, Office 365, and Dynamics 365, among others, it said in a release laying out its overall results. LinkedIn contributed revenue of $1.1 billion.
Azure's strong performance helped lift the gross margin at Microsoft's cloud business to 57 percent, said Stephanie Rodriguez, director of investor relations for Microsoft.
Windows OEM revenue grew by 4% total, and that included a 7% increase in Pro, but a 1% decrease in non-Pro.
Microsoft reported revenue of $24.5 billion for the quarter, up almost 12 percent over the same period a year ago.
Surface revenue finally saw some growth, as it had been declining for a while due to the lack of new hardware. Microsoft did say that revenue from Xbox software did go up by 21 percent, so it seems that current owners are spending some money on the platform at least. The 12% increase (11% in CC) can be attributed to sales of the Surface Laptop.
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