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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

California to remove word "alien" from state laws

Gov. Gavin Newsom during a September news conference in Oakland, California. Photo: Jane Tyska/Digital First Media/East Bay Times via Getty Images

California is removing the word "alien" from its state laws and replacing it with words such as "noncitizen" and "immigrant," Gov. Gavin Newsom (D) announced.

Why it matters: The word "alien" began to be used in the 1990s "as a political dog whistle to express bigotry and hatred without using traditionally racist language," per a statement from Newsom's office.

5 hours ago - Health

Axios AM Deep Dive: Covid forever

Illustration: Aïda Amer/Axios

It was 563 days ago that the WHO declared Covid-19 a pandemic. This Axios AM Deep Dive, led by healthcare reporter Caitlin Owens, looks at our Covid future.

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court judge on Friday temporarily blocked New York City schools from enforcing a vaccine mandate for school employees, days before it was set to take effect, AP reports.

Driving the news: The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system.