Executive Summary

• Microsoft reported fiscal 4Q19 revenues of $33.72 billion, up 12.1% year over year and beating the $32.77 billion consensus estimate. Adjusted EPS was $1.37, up 21.8% year over year and beating the $1.21 consensus estimate.
• The Intelligent Cloud segment drove growth, with revenues up 18.6% year over year.
• For fiscal 2020, Microsoft guided for double-digit revenue growth, despite a 1% forex headwind, and stable operating margins.