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Microsoft up after Q1 beats, achieves $20B Cloud goal
27 October 2017, 12:50 | Ruben Fields
Microsoft easily beats the street as its cloud run rate passes $20B a year early
Microsoft hit a new milestone in its cloud services business this quarter: it's now able to project over $20 billion in annual revenue. For those keeping score at home, Microsoft's commercial cloud rollup includes Azure; Office 365 business services (Exchange Online, SharePoint Online, Skype for Business Online, Microsoft Teams); Dynamics 365; and its Enterprise Mobility + Security Suite (EMS).
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.
Commercial cloud revenue was $20.4 billion on an annualized basis, meeting the company's $20 billion target previously set for the fiscal year that started July 1. Gaming revenue, however, only increased 1 percent, even as Xbox software and services revenue was up 21 percent.
Under Satya Nadella, Microsoft has been transforming itself and focusing more on cloud-based services as PC shipments continue to drop. Windows commercial licensing and cloud services revenue increased by 7 percent.
The company reported a total of $24.538 billion in revenue, which is a 12% (11% in constant currency) increase from a year ago, which was $21.928B.
House GOP Leadership To Save Tax Reform As for the leadership's posture on the issue as these lawmakers demand changes, he said, "they are holding firm on not budging". Zeldin also supported the earlier version of the House budget resolution, which narrowly passed.
Despite doom and gloom about its platforms, Microsoft had no problem impressing investors and analysts this quarter, generating earnings of $0.84 per share, well beyond the $0.72 per share analysts were expecting. That's in large part to the continued growth of Microsoft's cloud business.
Revenue from Windows, gaming, and other PC businesses was flat overall this quarter, at $9.4 billion.
Azure sales rose 90 percent. Search acquisition costs jumped 15 percent. Notably, Surface sales has gone up for the first time in a long while. Another strong point was Microsoft's Surface hardware revenue, which surged 12% for the quarter after the Surface Laptop was introduced in June.
On the Xbox front, Microsoft says hardware revenue declined significantly - due to lower pricing and fewer sales - but overall revenue still ticked up ever so slightly thanks to increased Xbox Live transactions.
What do economists make of the GDP figures?
The rise is above expectations of 0.3%, as economists predicted growth in line with the first and second quarters of 2017. Inflation in the United Kingdom has jumped to a five-and-a-half year high at 3%, while wage growth remains subdued.
Rainy Monday starts week with cooler temperatures
Thursday appears to be the coolest day of the week with temperatures in the low 60s, but it will be mostly sunny. The average temperature for this time of the year, according to meteorologist Andy Gorelow, is about 78 degrees.