Microsoft hit its $20 billion commercial cloud annual revenue run rate target and delivered better-than-expected first quarter results.
Following the Microsoft FQ1 2018 earnings release, the company's stock surged in after-hours trades, climbing by as much as 2.51% to $80.74.
Revenue: $24.5 billion versus $23.56 billion expected.
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Back in April 2015, Microsoft CEO Satya Nadella set the cloud revenue goal as a way of changing perceptions of Microsoft both inside and outside the company.
Microsoft has also maintained its $600 billion market cap, closing today at $607.67 billion.
If you're interested in Microsoft's earnings and want to find out more, tune into the company's earnings call at 2:30pm PT. "A slowly improving PC environment is also a modest tailwind for Microsoft with cloud remaining the Trojan horse growth driver for Redmond over the coming years". LinkedIn revenue of $1.1 billion for the quarter was flat sequentially.
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Intelligent Cloud revenue was $6.9 billion and increased by 14 percent. To Productivity and Business Processes, LinkedIn contributed $1.1 billion.
For the More Personal Computing segment, Microsoft reported $9.4 billion in revenue...
As for Windows, revenue from companies putting Pro versions of the operating system on devices was up by 4 percent. Windows commercial products grew by 7%, or 6% in constant currency. Search acquisition costs jumped 15 percent. This recent period was the first full quarter in which stores were stocked with an update to that product - Microsoft's best-selling Surface - and a totally new category, a laptop computer with a clamshell design. 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.
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Analysts from KeyBlanc Capital Markets wrote in a research note this week that consumer adoption of the cloud market would be a primary driving factor for Microsoft earnings. Thursday reported an increase in profit for the first-quarter that trumped analysts' estimates, driven largely by strong growth in cloud business, as the software giant continues bank on its rapidly growing cloud business.