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The company reported earnings of $1.13 per share on revenue of $30.09 billion.
Microsoft was expected to increase revenue 18% to $29.21 billion, yielding earnings of $1.08 per share on a non-GAAP basis.
Microsoft shares have risen 22% year to date and 42% over the past 12 months. Shares closed Thursday's session down 0.72%.
The company said that its cloud services segment, led by Azure, was responsible for record fourth quarter results.
"We had an incredible year, surpassing $100 billion in revenue as a result of our teams' relentless focus on customer success and the trust customers are placing in Microsoft," said Satya Nadella, chief executive officer of Microsoft. "Our early investments in the intelligent cloud and intelligent edge are paying off, and we will continue to expand our reach in large and growing markets with differentiated innovation."
Revenue for the year was $110.4 billion, a 14% year-over-year increase, yielding earnings of $3.88 per share.