Microsoft has announced its financial results for the fourth quarter of 2017 and the company saw a 12 per cent increase in revenue driven continued investment in cloud services.
The company earned $28.9bn in revenue during the period which is up significantly from the same time last year in which it brought in $25.8bn. Microsoft's operating income was $8.7bn and this number increased by 10 per cent during quarter which ended on December 31st, 2017.
In a press release announcing the firm's financials, CEO Satya Nadella highlighted how Microsoft's investments in cloud services and other emerging technologies are already beginning to pay off, saying:
“This quarter’s results speak to the differentiated value we are delivering to customers across our productivity solutions and as the hybrid cloud provider of choice. Our investments in IoT, data, and AI services across cloud and the edge position us to further accelerate growth.”
The “Productivity and Business Processes” group that includes Office 365 and its cloud apps saw its revenues increase by 25 per cent while Azure revenue rose by 98 per cent which lead to a 15 per cent increase for Microsoft's “Intelligent Cloud” group.
While the company's cloud services grew a great deal during the fourth quarter of last year, its “Personal Computing” group made up of Windows, Xbox, Surface and Bing only saw two per cent growth. Microsoft's Surface line was also fairly stagnant with just one per cent growth during the quarter.
Overall the decision to go all in on the cloud has paid off for the company and as more businesses and individuals turn to cloud computing for their everyday workloads this growth is likely to continue for the time being.
Image Credit: StockStudio / Shutterstock