Microsoft's Cloud Reaches $13 Billion Annual Run Rate
Microsoft has released its financial statement for the first quarter of fiscal 2017, and the company's cloud computing business is growing rapidly. Its Intelligent Cloud segment brought in $6.4 billion in revenue for the quarter, putting it on course to generate $13 billion per year.
Overall, the company posted $22.3 billion in revenue with a profit of $7.1 billion, which beat analyst expectations.
"We are helping to lead a profound digital transformation for customers, infusing intelligence across all of our platforms and experiences," said Microsoft CEO Satya Nadella. "We continue to innovate, grow engagement, and build our total addressable market."