Microsoft Heads to the Clouds
Microsoft Corp. (MSFT) - Get Report shares rose 0.2% in premarket trading to $74.81 after the tech giant topped estimates on its top and bottom lines for its fiscal fourth quarter. Adjusted earnings in the quarter were 98 cents a share, which included a gain of 23 cents a share from the write-down of Microsoft's money-losing Windows Phone business. Analysts predicted the company would earn 71 cents a share in the quarter.
Revenue rose 13% from a year earlier to $24.7 billion, higher than Wall Street projections of $24.3 billion. The company's Intelligent Cloud unit, which contains its Azure cloud platform and Windows Server product, saw sales jump 11% to $7.4 billion, beating consensus estimates of $7.3 billion. Microsoft doesn't break out results for its Azure cloud platform but noted that revenue at Azure increased 97% year over year in the quarter.
Under CEO Satya Nadella's leadership, Microsoft has embarked on a major transition toward becoming a cloud computing giant.
Watch More with TheStreet:
- 5 of the Weirdest Things Burger King Has Tried to Sell You
- 60 Second Tips: Questions to Ask Before Marriage
- 5 Signs the Sriracha Craze Has Gone Too Far
- Deadpool 2, Stranger Things 2, New Doctor Who! Get Ready for Comic Con 2017
- O.J. Simpson Wasn't the First or the Last Athlete to Kiss a Major Endorsement Goodbye
