Microsoft is still making lots of money, but its their cloud business that has done particularly well in the company's fiscal fourth quarter of 2016. Azure revenue has increased by 102 percent year on year, with cloud usage more than doubling, in what will certainly be a pleasing result for Microsoft investors.

Overall, the company reported revenue of $20.6 billion (GAAP) with net income of $3.1 billion for the quarter. While revenue was down seven percent compared to this time last year, Microsoft managed to turn a $2 billion quarterly loss into a $3 billion profit, which is a solid result for the company.

For the entire 2016 fiscal year, Microsoft reported $83.5 billion in revenue for net income of $16.8 billion. Again, revenues were down nine percent year on year, but profits increased by seven percent.

As for Microsoft's other divisions and businesses, the company reported a nine percent increase in Surface revenue driven by strong sales of the Surface Pro 4 and Surface Book. The Productivity and Business Process division saw a five percent increase in revenue thanks to strong Office 365 growth, while Xbox Live monthly users increased by 33 percent year on year.

Not every division posted strong performances in the past quarter. Personal Computing was down four percent, mostly due to a huge decline in revenue from Microsoft's mobile phone business. Without any attractive Windows Phones in its portfolio, it's unlikely that Microsoft will see growth in this division for a while.