Microsoft Corp (MSFT)
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Supplied by Morningstar Inc
2015 Annual Report
Earnings Release FY14 Q3
Cloud momentum helps drive Q3 results
Outstanding momentum and results in our cloud services; total Commercial Cloud revenue more than doubled again this quarter
Office 365 Home currently has 4.4 million subscribers, adding nearly one million new users this quarter
Windows remained the platform of choice for business users, with double-digit increases in both Windows OEM Pro and Windows Volume Licensing revenue
With a focus on spend prioritization, we grew our operating expenses only 2%*, contributing to solid earnings growth
*Growth rates adjusted to reflect prior year recognition of net revenue primarily related to Windows Upgrade Offer, the Office Deferral and the Video Game Deferral as well as the European Commission Fine.

Revenue grew $1.7 billion across our reportable segments, while Corporate and Other revenue declined $1.8 billion due to the prior year recognition of deferred revenue related to the Windows Upgrade Offer, the Video Game Deferral, and the Office Deferral. Cloud Services revenue doubled, reflecting continued growth from our cloud-based offerings.

Cost of revenue increased $1.2 billion or 24%, primarily due to higher volumes of Xbox and Surface sold, as well as $159 million higher datacenter expenses.

Revenue Vs. Operating Income
RESULTS (in millions, except percentages)
Q314 Q313 Change
Revenue $ 20,403 $ 20,489 (0)%
$ 6,974 $ 7,612 (8)%
Related Information
FY14 Earnings Release Schedule
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