Microsoft posts quarterly, fiscal year revenue losses

NEW YORK (AA) – Revenues at Microsoft declined in the fourth quarter and the fiscal year, according to the tech-giant’s earnings results released Tuesday.

During the company’s 2016 fiscal year fourth quarter, April-June, revenues fell 7.1 percent to $20.61 billion, from $22.18 billion the same period a year ago.

Net income jumped to $3.12 billion, from $3.2 billion in losses for the same period during the previous year.

Annual results for Microsoft did not fare any better.

Net income declined 7.7 percent to $16.8 billion in 2016, from $18.2 billion in 2015.

In addition, revenues fell 8.8 percent to $85.3 from $93.6 billion last year -- marking the software maker’s first annual decline since 2009.

"This past year was pivotal in both our own transformation and in partnering with our customers who are navigating their own digital transformations,” said CEO Satya Nadella.

"The Microsoft Cloud is seeing significant customer momentum and we’re well positioned to reach new opportunities in the year ahead," he added.

The company's Intelligent Cloud segment revenue rose 7 percent to $6.7 billion in the April-June period, while its personal computer sales fell 4 percent to $8.9 billion.

Despite losses in revenues, Microsoft's share value jumped 2.6 percent in after hours trading to $55.37, from $53.96 at Tuesday's close