Microsoft's first quarter - which ran from June to September 2016 - saw seemingly unspectacular financial results. Revenue was up less than $100,000 (£82,000) at $20.45bn; operating income down 10 per cent year on year to $5.2bn; and net income down four per cent year on year to $4.7bn.
But these numbers don't tell the whole story...
Cloud commitment paying off
Along with the overall financial results, Microsoft provided a more in-depth breakdown of its cloud figures. Revenue in the productivity and business processes division grew six per cent to $6.7bn, driven by Office 365; intelligent cloud revenue was up eight per cent to $6.4bn; and Azure revenue was up 116 per cent (Microsoft does not disclose Azure-specific figures).
Microsoft CEO Satya Nadella claimed the success was a result of cloud starting to hit the mainstream.
"It's not just the Silicon Valley start-ups anymore," he said. "It is the core enterprise that is also becoming a digital company and we are well positioned to serve them."
Share price high
Microsoft's share price jumped to $60 post trading - an all-time high, topping the previous peak it reached in 1999 when Bill Gates was CEO.
The hike in share prices, which comes despite a drop in operating income, has widely been attributed to Microsoft's cloud performance.
Angella Eager, analyst at TechMarketView, said: "As is usual with Microsoft, no detailed revenue numbers for the individual product lines were revealed but there is no doubt that the cloud business is developing well; a testament to CEO Satya Nadella's strategy and execution.
"Nadella has certainly gained the confidence of investors, with the share price reaching an all-time high on the release of the latest results."
More doom and gloom for PC sector
The PC industry continues to take hit after hit, with Microsoft reporting a two per cent decrease in revenue - down to $9.3bn - and a devices revenue decline of 27 per cent.
Phone revenue plummeted 72 per cent - as Microsoft prepares to complete the sale of its feature phone business in its current fiscal Q2 - and gaming revenue declined five per cent as Xbox revenue dropped, although the number of users playing online grew eight million to 37 million.
There was, however, more positive news regarding Surface and Windows 10.
Surface notebooks were credited with lessening the PC woes as revenue increased 38 per cent year on year, with Nadella highlighting the channel as driving this forward.
The number of customers purchasing 500 devices or more increased 70 per cent year on year and Nadella said Microsoft is "reaching more commercial customers of all sizes with the support of our channel partners".
Nadella also claimed that Windows now has more than 400 million active monthly devices on Windows 10.
However, Microsoft expects its Surface revenue to decline in Q2.
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