Microsoft beats profit estimates on gains from cloud services

Microsoft CEO Satya Nadella at the Geek Wire Summit

Microsoft CEO Satya Nadella at the Geek Wire Summit

Microsoft's MPC segment's revenues fell 2% to $8.8 billion in fiscal 3Q17.

In the year-ago-quarter, Microsoft reported earnings per share of $0.76 on revenue of $22.33 billion. Analysts on average had expected US$6.70 billion, according to financial data and analytics firm FactSet. Gaming revenue, however, only increased 1 percent, even as Xbox software and services revenue was up 21 percent. Office products were also a highlight of the quarter, with commercial Office and consumer Office revenues up by 10 percent and 12 percent, respectively.

The stock further gained $2.91 or 3.69% in the after-hours trade.

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Microsoft hit its $20 billion commercial cloud annual revenue run rate target and delivered better-than-expected first quarter results.

Three quarters before a self-imposed deadline to achieve $20 billion in annualized revenue from its commercial cloud products and services, Microsoft announced Thursday that it had achieved that goal.

"Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform", said CEO Satya Nadella in a statement. As usual, things like Surface, Office 365, cloud services like Azure, and Windows all saw growth. But the big number as always was Azure revenue, which grew 90 percent.

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For the More Personal Computing segment, Microsoft reported $9.4 billion in revenue...

Revenue has been patchier in personal-computer software and hardware. Windows OEM revenue was also up 4 percent and search advertising revenue increases 15 percent.

Surface revenue finally saw some growth, as it had been declining for a while due to the lack of new hardware. Microsoft said earlier this month that Bank of America will use both Azure and Office 365 as it shifts more of its operations to the cloud. After a decrease last quarter, Surface revenue actually increased by 12 percent year-over-year this time around, which is probably in large part due to the newly released Surface Laptop and Surface Pro. The company had guided for between $23 billion and $23.7 billion, and in the year-ago quarter.

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