Microsoft income doubles in Q4

By Ovunc Kutlu

NEW YORK (AA) - Net income at Microsoft more than doubled in the April-June period, the software giant announced Thursday.

The tech company's net income for the fourth quarter of its 2017 fiscal year rose 109 percent to $6.51 billion, from $3.12.

Revenue increased 13 percent to $23.32 billion, from $20.61 billion.

“Innovation across our cloud platforms drove strong results this quarter,” CEO Satya Nadella said in a statement.

Revenues from the company's intelligent cloud jumped 11 percent to $7.4 billion.

Microsoft stock increased 4 percent to $77.20 in after-hours trading, after it closed Thursday at $74.22.

During trading hours, shares reached an all-time high of $74.30, Microsoft a market capitalization of $570.5 billion.

Microsoft is currently the world's third most valuable company behind Apple and Google's parent company, Alphabet.