Microsoft posted revenue of $ 23.8 billion in the second quarter of its 2016 financial year, down 10 percent from the same quarter a year ago. Operating income was $ 6.0 billion, a 23 percent drop, and net income was $ 5.0 billion, a 15 percent fall. Earnings per share were $ 0.78, representing a 13 percent decline.

Just as it has done for the past few quarters, and mirroring Apple’s earnings release earlier this week, Microsoft attributed a substantial part of the decline to the strong dollar. With prices outside the US being increased to preserve their dollar value, non-US sales are becoming decreasingly valuable to Microsoft. This depressed revenue by an estimated $ 1.2 billion. The company also reports that there was a further $ 1.9 billion impact from revenue deferrals related to Windows 10 and bundled software.

The cloud annualized revenue run rate—a conjectural number that former CEO Steve Ballmer described as “bullshit”—across all commercial offerings now stands at $ 9.4 billion, reflecting growth both in Office 365 and Azure. Current CEO Satya Nadella says that the opportunity represented by the enterprise cloud market is “larger than any market [Microsoft] has ever participated in.”