Microsoft has reported a significant increase in profits last quarter a s a result of its expanding cloud business. In fact, Microsoft shares have doubled, reaching 19% this year alone with a 1% increase in after-hours trading last week as well.
Microsoft’s profits reached $6.5 billion in the fourth quarter, up from $3.1 billion last year, according to Forbes. Some items listed earnings of up to 98 cents per share, and revenue increased to $23.31 billion, or 13%.
CEO Satya Nadella said: “Innovation across our cloud platforms drove strong results this quarter. 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.”
Microsoft’s new cloud platform Azure revealed a 97% revenue increase, leading the company’s overall cloud business to $7.4 billion in revenue during the fourth quarter. Other cloud products and services increased in revenue as well, reaching as much as 15% higher than last year.