News Cloud Computing Helps Microsoft Double Its Quarterly Profits

Cloud Computing Helps Microsoft Double Its Quarterly Profits

Microsoft has released its financial results for its fourth fiscal quarter, and the report is full of good news from the company’s cloud computing business. Microsoft Azure had a 97 percent increase in revenue, and the company’s total cloud computing revenue reached $7.4 billion, an 11 percent year-over-year increase. Business Insider points out that this means Microsoft has nearly reached CEO Satya Nadella’s 2015 goal of generating $20 billion in annual cloud revenue by the end of 2018.

Overall, Microsoft reported $23.31 billion in revenue for the quarter, a 13 percent increase that was slightly lower than analyst expectations. However, its profits hit $6.5 billion, up from $3.1 billion the previous year. Adjusted earnings were 98 cents per share, which handily beat analyst expectations of 71 cents per share.

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