Microsoft Crosses $80 On Top- And Bottom-Line Q1 Beat

Microsoft earnings: 84 cents a share vs 72 cents EPS expected

Microsoft passes $80 per share in after-hours trading after blow-out quarter

The commercial cloud target was set its $20 billion annual run rate goal in April 2015. Azure gross margins were a "key component" of the 8 percentage point improvement in commercial cloud services from the same period past year, Chief Financial Officer Amy Hood said.

Revenue from Azure, Microsoft's cloud computing service, grew 90 percent during the fiscal first quarter.

Analysts surveyed by S&P Global Market Intelligence Microsoft to report per-share earnings of 72 cents on $23.56 billion in revenue. This is significant because the company exceeded this market cap again recently, which is a number that the software giant has not seen since the peak of the dot-com boom in 2000. "Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform".

Microsoft Corporation shares were trading at $78.93 per share on Thursday afternoon, up $0.30 (+0.38%). Office 365 commercial revenue has increased by 42 percent while the consumer version of Office 365 now has 28 million subscribers.

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Microsoft's cloud business - which includes products such as Office 365, Dynamic 365 and the flagship Azure computing platform - is a major growth driver. Revenues in More Personal Computing segment, which includes Windows operating system, was relatively unchanged at $9.4 billion.

LinkedIn also contributed revenue of $1.1 billion during the quarter. Windows OEM Pro, which derives its revenue from the business PC market, saw its revenues grow 3% in 2Q17. Search acquisition costs jumped 15 percent.

In the Intelligent Cloud unit, made up of Azure and server software deployed in customers' own data centers, sales climbed 14 percent to $6.9 billion, compared with the $6.7 billion average analyst projection. As for the Xbox division, revenue increased by only 1 percent, Xbox software and services revenue growth saw an increase of 21 percent offset by lower hardware revenue.

Surface revenue by itself was up 12% from a year ago, which is good news for Microsoft following a dip in the previous quarter.

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