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Microsoft Azure 2021 Year in Review: Cloud growth under a stock market microscope

by Eamon McCarthy Earls
Assistant Editor,

Microsoft continued to impress Wall Street in calendar year 2021 (spanning the company's fiscal 2021 and 2022) with revenue and earnings numbers that exceeded expectations and a resilient product lineup that was able to thrive in the Covid-19 pandemic recovery.

Microsoft Q2 2021 results: Azure cloud revenue outperforms (Jan. 26)

Microsoft announced its 2021 Q2 earnings of $43.1 billion, up 17%. Net income rose 33% to $15.5 billion and earnings per share were up 34%. Azure revenue growth came in at 50%, beating analyst consensus numbers soundly.

“Accelerating demand for our differentiated offerings drove commercial cloud revenue to $16.7 billion, up 34% year over year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. “We continue to benefit from our investments in strategic, high-growth areas.”

Microsoft Q3 2021 results: Cloud revenue up, Dynamics 365 growth accelerates (Apr. 13)

Microsoft announced its 2021 Q3 earnings, beating estimates with revenue of $41.7 billion, up 19%. Net income rose 44% to $15.5 billion and earnings per share were up 45%.

“The Microsoft Cloud, with its end-to-end solutions, continues to provide compelling value to our customers generating $17.7 billion in commercial cloud revenue, up 33% year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Azure revenue grew at 50%, once again.

Microsoft reports 2021 Q4 and full year earnings, with Azure growth steady (Jul. 27)

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About Eamon McCarthy Earls

As the assistant editor at, Eamon helps to oversee editorial content on the site and supports site management and strategy. He can be reached at

Before joining, Eamon was editor for at TechTarget, where he covered networking technology, IoT, and cybersecurity. He is also the author of multiple books and previously contributed to publications such as the Boston Globe, Milford Daily News, and DefenceWeb.