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Microsoft passes $80 per share in after-hours trading after blow-out quarter
27 October 2017, 12:51 | Francis Delgado
Microsoft easily beats the street as its cloud run rate passes $20B a year early
Microsoft Corp. beat earnings expectations in sales for its first fiscal quarter, thanks in no small part to meeting its own self-imposed goal of reaching $20 billion in annual cloud revenue.
Microsoft's stock was up about 2 percent at $80.25 in after-hours trading.
Redmond, Washington-based Microsoft reported first-quarter profit of $6.58 billion or $0.84 per share, up from last year's profit of $5.67 billion or $0.72 per share. Server products and cloud services revenue grew 17 percent.
"Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform", said CEO Satya Nadella in a statement.
The engines of Microsoft's growth have been its Intelligent Cloud segment, which includes Azure, and its Productivity and Business Processes segment, which includes the Office franchise. Office 365 subscribers hit 28 million.
As in previous quarters, the numbers most of us pundits are going to focus on revolve around Microsoft's cloud efforts.
LinkedIn also contributed revenue of $1.1 billion during the quarter.
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Revenue was $24.5 billion and increased 12%.
With its first fiscal quarter in the books, Microsoft is on track to achieve $20.4 billion in commercial cloud revenue from products like Azure, Office 365, and Dynamics 365, among others, it said in a release laying out its overall results.
MPC (more personal computing) segment derives the majority of its revenues from the PC (personal computing) market.
Total revenue in the company's More Personal Computing division, which also includes the Windows operating system, was $9.4 billion, beating the $8.8 billion average estimate of four analysts polled by Bloomberg. Search acquisition costs jumped 15 percent.
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