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(Pocket-lint) - Microsoft has posted its Q4 2014 earnings report. Earnings missed expectations, though revenue beat Wall Street forecasts.

Specifically, the company reported $4.6 billion in net income on $23.38 billion in revenue. Although net income decreased from last year's $4.97 billion, revenue saw a large increase from $19.9 billion in the year-ago quarter. Analysts had expected the company to report earnings of $23 billion in revenue, according to a consensus estimate.

Keep in mind that revenue figure includes $2 billion from the Nokia Devices and Services business that Microsoft acquired. That buyout deal finalised a few weeks after the start of the quarter. Microsoft also indicated strong sales of cloud products helped lift revenue. Commercial cloud annualised revenue run rate is now $4.4 billion, for instance, having doubled yoy.

“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 at Microsoft, in a press release. “I’m proud that our aggressive move to the cloud is paying off".

And finally, Microsoft also posted phone revenue for the first time. It reported sales from the Nokia unit, noting phone revenue came in at $1.99 billion during the fiscal fourth quarter.

Check out the company's live-streamconference call at 2:30 PM PST. Nadella and CFO Amy Hood are expected to dicuss new restructuring plans and last week’s announced layoffs.

Microsoft's shares closed in regular trading at $44.83. They were up a bit in after-hours trading.

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Writing by Elyse Betters. Originally published on 22 July 2014.