Microsoft Corp. today announced revenue of $23.38 billion for the quarter ended June 30, 2014. Gross margin, operating income, and diluted earnings per share ("EPS") for the quarter were $15.79 billion, $6.48 billion, and $0.55 per share, respectively. Microsoft completed the acquisition of substantially all of the Nokia Devices and Services ("NDS") business on April 25, 2014. Revenue and cost of revenue from the acquired business, including amortization of intangible assets, are reported in the new Phone Hardware segment. For the fourth quarter and fiscal year 2014, the results of NDS contributed revenue, gross margin, operating income, and diluted EPS of $1.99 billion, $54 million, $(692) million, and $(0.08), respectively. "We are galvanized around our core as a productivity and platform company for the mobile-first and cloud-first world, and we are driving growth with disciplined decisions, bold innovation, and focused execution," said Satya Nadella, chief executive officer of Microsoft. "I'm proud that our aggressive move to the cloud is paying off - our commercial cloud revenue doubled again this year to a $4.4 billion annual run rate." "Our solid execution and expense discipline allowed us to deliver a strong finish to the fiscal year," said Amy Hood, executive vice president and chief financial officer at Microsoft. "As we enter fiscal 2015, we are focused on aligning our resources to strategic investments that we believe will deliver the next wave of innovation, growth, and long-term shareholder value." Devices and Consumer revenue grew 42% to $10.00 billion, with the following business highlights: Windows OEM revenue grew 3%, driven by 11% growth in Windows OEM Pro revenue. Office 365 Home and Personal subscribers totaled more than 5.6 million, adding more than 1 million subscribers again this quarter. The acquired Phone Hardware business contributed $1.99 billion to current year revenue. Bing search advertising revenue grew 40%, and U.S. search share grew to 19.2%. Commercial revenue grew 11% to $13.48 billion, with the following business highlights: Commercial cloud revenue grew 147% with an annualized run rate that exceeds $4.4 billion. Windows volume licensing revenue grew 11%. Server products revenue, including Azure, grew 16%, with double-digit growth for SQL Server and System Center. "Our results reflect our customers' long-term commitments to our products and services, and strong execution by our field teams. We are thrilled with the tremendous momentum of our cloud offerings with Office 365 and Azure both growing over 100% again," said Kevin Turner, chief operating officer at Microsoft. "Looking forward, we are excited by the amazing opportunities enabled by our technology roadmap and our strong engagement across partners, customers, and developers." For Microsoft's fiscal year 2014, the company's revenue, gross margin, operating income, and diluted EPS were $86.83 billion, $59.90 billion, $27.76 billion, and $2.63 per share, respectively.