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Q/A session with Microsoft expert Mary Jo Foley showcases its upside

UBS recently hosted a call with Microsoft (NASDAQ:MSFT) expert Mary Jo Foley, who has covered the company for 2+ decades. Highlights:

Q: How far along is the company in its transition to the cloud? A: Microsoft continues to show progress across multiple product fronts as the company manages its way through the cloud transition. The company is well on its way to management's stated goal of a $20B commercial cloud run rate by FY18, having recently reached a $9.4B run rate at +71% y/y growth. We think the company gets there much quicker, but caution that MSFT's expansive customer base could present additional challenges. Evidence: FQ2 commercial cloud revenue accelerated to a >$9.4B run rate (up more than 70% y/y, w/ >350 of...