Microsoft announced its earnings for Q2 FY16 on January 28th. (Fiscal years end with June.)  The company posted a 2% year-over-year decline in revenues to $25.7 billion though 0n constant currency basis revenues grew 3%. In our pre-earnings note, we noted that cloud services would boost revenues. The commercial cloud annualized revenue run rate exceeded $9.4 billion, and the company is on course to achieve $20 billion in commercial cloud revenue by fiscal year 2018. Additionally, the company has doubled its cloud customer base over the past twelve months. However, the free give away of Windows 10 to Windows 7 and Windows 8 users impacted the top line, which was further subdued due to decline in sales of phones. Below, we review Microsoft’s Q2 FY 16 (Q4 CY2015) results by segment.

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