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Microsoft's profit beats estimates on gains from cloud services
27 October 2017, 12:24 | Camille Rivera
Microsoft CEO Satya Nadella at the Geek Wire Summit
Revenue from Azure, which competes with Amazon.com Inc's (AMZN.O) Amazon Web Services and offerings from Alphabet Inc's (GOOGL.O) Google, IBM (IBM.N) and Oracle Corp (ORCL.N), grew 90 percent compared to a 97 percent growth rate in the preceding quarter. Wall Street's crack team of financial analysts expected the company to report revenue of about $23.56 billion and earnings per share of $0.72.
More than three years ago, Microsoft promised to reach an annualized revenue of $20 billion in its corporate cloud business by the end of its 2018 fiscal year (ending in June 2018). "Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform". Windows commercial products and cloud services up 6% due to annuity revenue growth. Year-to-date, MSFT has gained 29.21%, versus a 16.08% rise in the benchmark S&P 500 index during the same period. 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.
Following the Microsoft FQ1 2018 earnings release, the company's stock surged in after-hours trades, climbing by as much as 2.51% to $80.74. LinkedIn revenues amounted to $1.1 billion.
Despite this focus on the cloud, Microsoft's other business units also still make plenty of money.
Surface revenue by itself was up 12% from a year ago, which is good news for Microsoft following a dip in the previous quarter. This quarter, those numbers turned around as Surface revenue grew 12 percent.
For the More Personal Computing segment, Microsoft reported $9.4 billion in revenue... Anything but a substantial increase would have been quite a disappointment. Windows OEM revenue was up 4 percent while Windows comercial revenue increased 7 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.
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