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Microsoft beats forecasts as cloud boosts quarterly results

Microsoft beats forecasts as cloud boosts quarterly results

Intelligent Cloud: This segment, which includes results from server products and services (including Windows Server and Azure), grew 14 percent to $6.9 billion. Office consumer products and cloud revenues rose 12%, while Dynamics products and cloud revenues rose 13%, including a 69% increase in Dynamics 365 revenue.

Windows Phone is dead, the company's fitness-focused wristband has been axed and its streaming music service is no more, and Microsoft investors couldn't be happier with the company.

Microsoft's stock was up about 2 percent at $80.25 in after-hours trading. This year, Microsoft's commercial cloud run rate hit $20.4 billion. In 2015, a year after being named the company's CEO, Satya Nadella said he wanted Microsoft to hit that target sometime in 2018 - a big jump up from the $6.3 billion business it was back then. "Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform".

Three quarters before a self-imposed deadline to achieve $20 billion in annualized revenue from its commercial cloud products and services, Microsoft announced Thursday that it had achieved that goal.

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In Productivity and Business Processes, the 28% revenue increase (28% in constant currency) was driven by LinkedIn and Office 365. The rise in subscription sales for Azure and for corporate and consumer versions of Office 365 also provides more stable and recurring revenue. Microsoft said earlier this month that Bank of America will use both Azure and Office 365 as it shifts more of its operations to the cloud.

Over the last few quarters, Microsoft's Surface line reported declining revenue numbers as the company prepared to launch new products.

Gaming revenue increased by 1% (0% in CC), because strength in Xbox software and services - which grew by 21% (20% in CC) offset hardware sales.

As for Windows, revenue from companies putting Pro versions of the operating system on devices was up by 4 percent.