Microsoft reported higher-than-expected revenue in Q3 2019, bringing in $30.57 billion last quarter compared to the estimated $29.84 billion.
Microsoft reported fiscal third-quarter earnings on Wednesday, and the stock jumped 2% on better-than-expected revenue.Microsoft shares are trading near a record after rallying 34% over the past year. The stock climbed past $127 in extended trading and is just about $3 away from lifting the company to a market value of $1 trillion.
Azure's revenue surged 73%. Microsoft's commercial cloud business, which includes Azure, grew 41% in the quarter to $9.6 billion. While Azure is still much smaller than rival Amazon Web Service, Stifel analysts say it's growing faster than AWS was at a similar size. Microsoft and AWS are in the last stages of competing for a $10 billion Department of Defense contract, known as JEDI, after IBM and Oracle were recently ruled out. Last week, Wedbush analysts said momentum has been moving towards Microsoft CEO Satya Nadella in his effort to catch Amazon's Jeff Bezos.
Microsoft is also benefiting from the move to cloud applications, pushing users of its traditional productivity products like Word and Excel to the cloud-based Office 365 suite. And LinkedIn, the professional-networking site that Microsoft acquired for over $26 billion in 2016, continues to grow much faster than the overall business. LinkedIn's revenue increased 27 percent in the quarter.
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