Microsoft beats earnings forecasts, reaching $20 billion cloud revenue run rate
27 October, 2017, 00:50 | Author: Patty Aguilar
Intelligent Cloud segment, which includes its Azure on-demand computing services, revenues increased 14 percent to $6.9 billion, with Azure revenues surging 90 percent. The company, however, has long said that it wanted Azure to reach an annual run rate of $20 billion by the end of its 2018 fiscal year.
Under Chief Executive Satya Nadella, Microsoft's cloud business - which includes products such as Office 365, Dynamic 365 and the flagship Azure computing platform - has emerged as a major source of growth. LinkedIn revenue came in at $1.1 billion. The company's cloud business accounted $6.9 billion of that, a 14 percent year over year increase.
"A slowly improving PC environment is also a modest tailwind for Microsoft with cloud remaining the Trojan horse growth driver for Redmond over the coming years".
The milestone was announced in Microsoft's earnings release this afternoon, where it reported $24.5 billion and a profit of $6.6 billion, up from $20.4 billion and $4.7 billion this same quarter a year ago. Office 365 commercial revenue has increased by 42 percent while the consumer version of Office 365 now has 28 million subscribers.
Microsoft reported adjusted per-share earnings of 84 cents. "Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform". This quarter, those numbers turned around as Surface revenue grew 12 percent.
More Personal Computing: This segment, which includes results for Windows licensing and devices (Surface, phones, and Xbox), was flat at $9.4 billion. Search acquisition costs jumped 15 percent.
On the Xbox front, Microsoft says hardware revenue declined significantly - due to lower pricing and fewer sales - but overall revenue still ticked up ever so slightly thanks to increased Xbox Live transactions. The 12% increase (11% in CC) can be attributed to sales of the Surface Laptop. That's up from the same period a year ago, during which Microsoft brought in $21.9 billion in revenue and $5.7 billion in net income.
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