Looking at these figures, Microsoft’s cash cow is obvious: licensing server products, Windows and Office to businesses, which is profitable almost to the point of disgrace: gross margin $million 10,077 on sales of $million 10,888. Microsoft breaks this down a little. Hyper-V has gained 5 points of share, it says, and Windows volume licensing is up 10%. Cloud (Office 365, Azure, Dynamics CRM online) may be growing strongly, but it is a sideshow relative to the on-premises licensing. How do we reconcile yet another bumper quarter with the Microsoft/Windows is dead meme? The answer is that it is not dead yet, but the shift away from the consumer market and the deep dependency on on-premises licensing are long-term concerns. Microsoft remains vulnerable to disruption from cheap and easy to maintain clients like Google’s Chromebook, tied to non-Microsoft cloud services.

http://www.itwriting.com/blog/7982-microsoft-financials-record-revenue-consumer-sales-declining-in-drift-towards-enterprise.html