Microsoft’s fourth quarter earnings surpassed analysts’ estimates late on Thursday as the technology company benefited from a surge in demand for its cloud services and products such as Office 365. The Redmond, Washington-headquartered company, reported adjusted net income for the quarter ended June 30 of $7.67 billion, or $0.98 per share, compared with $5.48 billion, or $0.69 per share in the corresponding quarter of the prior year, according to a statement published late on Thursday. The adjusted earnings per share figure was higher than the $0.78 per share average analyst forecast in a Capital IQ poll.
Revenue, on a non-GAAP basis, rose by 9% to $24.70 billion compared to $22.64 billion over the same time frame. Among Microsoft’s business segments, its Productivity and Business Processes segment, which includes offerings such as Office 365 and Dynamics 365, a business process integration application, increased revenue the most. Revenue rose 21% from a year earlier without currency adjustments to $8.44 billion.