Microsoft has doubled down on cloud technology as of late, a move that has clearly paid off. The Redmond, Washington-based tech giant has announced its financial results for the 2017 fiscal year ending on June 30th, revealing earnings that have beaten analysts’ expectations.
The company posted 98 cents USD in earnings per share, compared to 71 cents per share as expected by analysts, according to Thomson Reuters. Furthermore, revenue reached $24.7 billion USD, compared to the $24.27 billion projected by analysts.
A key contributor to these higher-than-expected results is Microsoft’s Azure cloud service, the revenue of which having increased by 97 percent year over year. However, it’s important to note that Microsoft didn’t disclose specific revenue figures for its cloud services.
“Innovation across our cloud platforms drove strong results this quarter,” said Microsoft CEO Satya Nadella in a statement. “Customers are looking to Microsoft and our thriving partner ecosystem to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge.”
Earlier this month, it was reported that Microsoft will be laying off 3,000 employees in a shift towards cloud services.