Microsoft is betting on reinventing itself as a cloud company, and the financial results it released Thursday show that its push is paying off despite an overall decline in revenue. 

Azure revenue rose 127 percent from a year earlier, and sales of Azure Premium Services like Machine Learning were three times higher during the last quarter of 2015 than in the same period of 2014. (Not counting the effects of currency exchange rates.) The company also bragged that more than one-third of the Fortune 500 is using its Enterprise Mobility solutions, which make it easier to secure devices that a company controls. 

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