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Microsoft cloud business booms 20%

Daniel Howley
·Technology Editor
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Microsoft (MSFT) on Wednesday reported revenue of $32.5 billion, which was in line with expectations. Earnings per share came in at $1.08 per share versus analysts’ estimates of $1.09 per share. The stock is down 2.5% in after hours trading.

Microsoft’s cloud business, the cornerstone of the company’s pivot to cloud computing, raked in $9.4 billion of revenue in the quarter. That’s an increase of 20%.

The company’s Productivity and Business processes segment, which includes the company’s Office line of software, saw revenue of $10.1 billion. That’s a jump of 13%.

The firm’s More Personal Computing business, which includes Windows, saw $13 billion in revenue, a 7% increase.

Microsoft’s successes in the cloud and its decision to work across multiple devices and operating systems rather than with Microsoft products alone have sent its market value soaring.

Amazon’s (AMZN) Amazon Web Services (AWS) is still the top dog in the cloud market, but Microsoft is catching up, and has a solid second-place position with Google (GOOG, GOOGL) trailing behind in third.

FILE- In this Wednesday, Nov. 28, 2018, file photo Microsoft CEO Satya Nadella listens to a question as he sits in front of the Windows logo during the annual Microsoft Corp. shareholders meeting in Bellevue, Wash. Microsoft, the 1990s home-computing powerhouse that is having a renaissance moment, has eclipsed Amazon and is close to passing Apple in market value. Around midday Thursday, Apple’s value topped Microsoft’s by just over $2 billion, $847.6 billion to $845.2 billion. Amazon was back to $820.8 billion. That Microsoft is even close to eclipsing Apple would have been unheard of just a few years ago. (AP Photo/Ted S. Warren, File)
Microsoft CEO Satya Nadella (AP Photo/Ted S. Warren, File)

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Email Daniel Howley at dhowley@oath.com; follow him on Twitter at @DanielHowley. Follow Yahoo Finance on Facebook, Twitter, Instagram, and LinkedIn.finance.yahoo.com/