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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

15 mins ago - Politics & Policy

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.

Off the Rails

Episode 8: The siege

Photo illustration: Aïda Amer/Axios. Photos: Mandel Ngan/AFP via Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 8: The siege. An inside account of the deadly insurrection at the Capitol on Jan. 6 that ultimately failed to block the certification of the Electoral College. And, finally, Trump's concession.

On Jan. 6, White House deputy national security adviser Matt Pottinger entered the West Wing in the mid-afternoon, shortly after his colleagues' phones had lit up with an emergency curfew alert from D.C. Mayor Muriel Bowser.

45 mins ago - Technology

Tech companies worry about becoming targets

Illustration: Aïda Amer/Axios

Tech employees are on high alert about their own personal safety as their employers roll out policies to ban or limit the reach of far-right extremists angry over former President Donald Trump's defeat.

Why it matters: As tech companies impose aggressive policies after the Capitol riot, employees will be the target of vitriol from aggrieved people who think tech and the media are conspiring to silence Trump and conservatives more broadly.