Microsoft has released its financial results for its fourth fiscal quarter, and the report is full of good news from the company's cloud computing business. Microsoft Azure had a 97 percent increase in revenue, and the company's total cloud computing revenue reached $7.4 billion, an 11 percent year-over-year increase. Business Insider points out that this means Microsoft has nearly reached CEO Satya Nadella's 2015 goal of generating $20 billion in annual cloud revenue by the end of 2018.
Overall, Microsoft reported $23.31 billion in revenue for the quarter, a 13 percent increase that was slightly lower than analyst expectations. However, its profits hit $6.5 billion, up from $3.1 billion the previous year. Adjusted earnings were 98 cents per share, which handily beat analyst expectations of 71 cents per share.