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microsoft profit

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Microsoft’s shares have hit an all-time high after the company posted better-than-expected quarterly profits.

Its focus on cloud computing helped the software giant to post a $4.7 billion profit for Q3 of 2016.

Microsoft CEO Satya Nadella has focused on building the company’s expertise in cloud-based services amid slowing PC sales.

Shares rose 6% to $60.73 in after-hours trading.

Microsoft said its Nokia division lost $692 million

The previous high was $59.97 in December 1999, close to the peak of the dot-com boom, shortly before Steve Ballmer replaced Bill Gates as CEO.

When Satya Nadella succeeded Steve Ballmer in 2014, Microsoft’s shares were trading below $37.

Investor confidence in Microsoft has been restored by focusing on mobile and cloud computing rather than its traditional products such as the Windows operating system and Office software.

Individuals and businesses are increasingly accessing computing services such as servers, databases, software and storage that are provided over the internet (“the cloud”).

Satya Nadella said the changing business environment meant this was paying off.

“It’s not just the Silicon Valley startups anymore; it is the core enterprise that is also becoming a digital company. And we are well-positioned to serve them,” he said.

Revenue from Microsoft’s Office 365 cloud service increased 8% in the quarter while revenue from its Surface tablet – pitched as a rival to the iPad – rose 38%.

While revenue from its flagship Xbox – Microsoft’s games console – fell, the number of people playing online rose to 47 million from 39 million a year.

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Microsoft reported net profit of $5.66 billion for 2014 Q1, a decline from the same period last year but better than market estimates.

Microsoft’s efforts to move further into cloud computing – a move championed by new chief executive Satya Nadella – seem to be paying off.

Azure, a cloud computing product, saw revenue grow 150%, Microsoft said.

Microsoft reported net profit of $5.66 billion for 2014 Q1, a decline from the same period last year but better than market estimates

Microsoft reported net profit of $5.66 billion for 2014 Q1, a decline from the same period last year but better than market estimates

The company also said it added 1 million users to its subscription-based Office program for personal users.

Microsoft sold in 2 million Xbox consoles, including 1.2 million Xbox Ones during the period.

“We are making good progress in our consumer services like Bing and Office 365 Home, and our commercial customers continue to embrace our cloud solutions,” said Microsoft CEO Satya Nadella, who replaced Steve Ballmer in February.

However, Microsoft was hurt by declining personal computer sales, as users continue to shift to other technologies.

Overall, profits declined by 6.5% compared to the same period last year.

Microsoft shares rose close to 3% in after-hours trading.