Microsoft CEO Satya Nadella. Photo: Microsoft

As was the case with Intel, Microsoft reported earnings Thursday that topped Wall Street expectations even as the PC business remained flat.

The bottom line: Microsoft's strength continues to be its cloud computing area, with its business cloud generating $20 billion in annualized revenue, reaching that milestone ahead of a goal set two years ago.

The software giant reported per-share earnings of 84 cents, ahead of consensus estimates of around 72 cents, while revenue of came in at $24.5 billion, ahead of Zacks consensus projection of $23.5 billion

Here are some other highlights:

  • Microsoft's Office commercial products and cloud services revenue increased 10%, as revenue from its Office 365 service for businesses grew 42%.
  • Sales of Windows for new PCs were up 4%, ahead of the flat PC market.
  • Microsoft saw sales from its Surface PC line up 12 percent, while gaming revenue from its Xbox unit was largely flat.
  • LinkedIn accounted for about $1.1 billion of Microsoft's revenue.

Go deeper

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BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.

Women-focused non-profit newsrooms surge forward in 2020

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Women are pushing back against the gender imbalance in media by launching their own news nonprofits and focusing on topics many traditional news companies have long ignored.

Why it matters: "The news business is already gendered," says Emily Ramshaw, co-founder and CEO of The 19th*, a new nonprofit, nonpartisan newsroom reporting at the intersection of women, politics and policy.

The U.S. is now playing by China's internet rules

Illustration: Aïda Amer/Axios

President Trump's crackdown on TikTok suggests that the U.S. government is starting to see the internet more like China does — as a network that countries can and should control within their borders.

The big picture: Today's global internet has split into three zones, according to many observers: The EU's privacy-focused network; China's government-dominated network; and the U.S.-led network dominated by a handful of American companies. TikTok's fate suggests China's model has U.S. fans as well.