Microsoft on Wednesday trounced market expectations for its fourth quarter, thanks to its cloud business Commercial cloud surpassed $50 billion in annual revenue for the first time this year, the company said. Microsoft Azure revenue grew at a rapid 47% year-over-year.
Microsoft’s Q4 diluted earnings came to $1.46 per share on revenue of $38 billion, up 13% year-over-year.
Wall Street was expecting earnings of $1.37 per share on revenue of $36.5 billion.
“The last five months have made it clear that tech intensity is the key to business resilience. Organizations that build their own digital capability will recover faster and emerge from this crisis stronger,” CEO Satya Nadella said in a statement.