Microsoft's cloud continues to fuel growth
Microsoft Corp. reported big gains in its cloud-computing business, in part by winning over customers who mix those services with its software.
Revenue from server products and cloud services, a category that reflects Microsoft's performance in the so-called hybrid cloud, grew 26% in the fiscal fourth quarter. The company doesn't disclose revenue for the segment.
Those sales helped Microsoft generate $30.09 billion in revenue, a 17% gain from a year ago, when measured using a new accounting standard the company adopted at the beginning of its fiscal year.
Microsoft had $8.87 billion in net income, or $1.14 a share, under generally accepted accounting principles. When using the new accounting standard, Microsoft's net income a year ago hit $8.07 billion, or $1.03 a share.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 430.98 | +7.52 | +1.78% |
Analysts surveyed by S&P Global Market Intelligence expected Microsoft to report per-share earnings of $1.08 with revenue of $29.23 billion.