Microsoft tops expectations with record revenue

Microsoft on Thursday beat Wall Street expectations as Xbox consoles, Surface tablets and services in the Internet "cloud" helped power record quarterly revenue. The US-based technology titan reported net income of $6.56 billion on revenue that hit a record high of $24.52 billion in the quarter that ended December 31. "Our Commercial segment continues to outpace the overall market, and our Devices and Consumer segment had a great holiday quarter," said outgoing chief executive Steve Ballmer. Microsoft shares climbed more than four percent to $37.62 in after-market trades on the Nasdaq following release of the earnings figures.