Cloud drives Microsoft's 19% revenue spike in Q1 2019

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Microsoft on Oct. 24 released earnings results for the first quarter of its fiscal year 2019, which ended Sept. 30.

The Redmond, Wash.-based technology manufacturer reported revenue of $29.1 billion, a 19 percent increase from the $24.5 billion the company reported during the same period last year. The company experienced net income of $8.8 billion, up 34 percent from $6.6 billion during the first quarter of its fiscal year 2018.

Microsoft officials attributed the company's revenue growth to its cloud services, with revenue from the intelligent cloud segment topping $8.5 billion, up 23 percent from $6.9 billion last year.

Revenue from the company's other major segments — "productivity and business processes" and "personal computing" — were up 19 percent and 14 percent, respectively.

"Our record results for [the first quarter] reflect our commitment to long-term strategic investments and consistent execution to drive revenue growth and operating margin expansion," Amy Hood, executive vice president and CFO of Microsoft, said in a news release. "We see continued demand for our cloud offerings, reflected in our commercial cloud revenue."

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