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Microsoft

Shares of Microsoft hit record territory in after-hours trading on Thursday, topping $75 a share, after the software giant's better-than-expected financial results.

As has been the case for the last several quarters, strength in Microsoft's cloud business, including Office 365 and Windows Azure, was the key to the company's growth. Of note, Microsoft CFO Amy Hood told analysts that, for the first time, Microsoft got more revenue from Office 365 subscriptions than from traditional Office software licensing.

Why it matters: Microsoft has shown an ability to grow its business even as the PC market has stalled, reflecting moves the company made in the cloud both since Satya Nadella took over as CEO as well as some that were in place before he took over the top spot.

By the numbers:

  • Revenue was $23.3 billion according to standard accounting, and $24.7 billion on an adjusted basis, ahead of estimates
  • Per-share earnings were 83 cents and, excluding items, were 98 cents per share, also above expectations.
  • Revenue in its productivity and cloud businesses were up double digits, while sales in the unit that includes Windows were down 2 percent.
  • The Windows business was slightly ahead of a flat PC market, while Surface sales were down 2 percent from the prior year.
  • Microsoft's search revenue was up 10 percent, while gaming revenue from its Xbox business was up 3 percent.
  • LinkedIn had an operating loss of $361 million, on revenue of $1.1 billion.

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Fall and winter COVID surge "unlikely" if people get vaccinated.
  2. Politics: School boards are the next political battleground.
  3. Vaccines: Pfizer begins application for full FDA vaccine approval — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surgeIndia records its deadliest day of the pandemic.
  6. Variant tracker: Where different strains are spreading.
Ina Fried, author of Login
3 hours ago - Technology

Exclusive: GLAAD finds top social media sites "categorically unsafe"

The leading social media sites — Facebook, Twitter, Instagram, TikTok and YouTube — are all "categorically unsafe" for LGBTQ people, according to a new study from GLAAD, the results of which were revealed Sunday on "Axios on HBO."

The big picture: GLAAD had planned to give each of the sites a grade as part of its inaugural social media index, but opted not to give individual grades this year after determining all the leading sites would receive a failing grade.

Shell CEO: You need us on climate change

Royal Dutch Shell CEO Ben van Beurden wants a seat at the table to fight climate change, and wants the public and policy makers to believe the oil and gas company is serious about shifting its massive business. 

Why it matters: The problem is, “in many parts of society, everything we say is wrong,” he tells “Axios on HBO.”