Microsoft

Microsoft on Thursday reported quarterly profit of $8.9 billion, boosted in part by its efforts to rival Amazon as a cloud computing provider for retailers and other businesses.

The company said it had net income of $1.14 per share in the fiscal fourth quarter, which ended June 30. Earnings, adjusted for non-recurring gains, were $1.13 per share.

The results topped Wall Street expectations of $1.07 per share.

The increase in net income was 10 percent. The software maker also surpassed forecasts by posting revenue of $30.1 billion in the period, a 17 percent increase over the same time last year.

The company’s fastest-growing segment was what it calls the “intelligent cloud,” which includes server products and its Azure cloud computing service. The segment’s revenue was $9.6 billion, up 23 percent from a year ago.

Microsoft is being aided by the “threat of Amazon” as retailers look for a cloud computing partner they’re not also competing with in e-commerce, said Alex Zukin, an analyst at Piper Jaffray. Microsoft last week announced a five-year cloud computing partnership with Walmart that accelerates an existing relationship between the firms.

“It’s a convenience thing,” Zukin said. “Walmart is looking for an innovation partner to compete on the same playing field as Amazon.”