During its fourth-quarter earnings call, Microsoft Corp. CEO Satya Nadella said the company is evolving its business model beyond per seat to per seat plus consumption, expanding its total addressable market. Finance chief Amy Hood echoed that Microsoft’s AI opportunity is increasingly tied to “usage and consumption growth.” Nadella noted the company recently added usage-based billing to Microsoft 365 Copilot, with thousands of customers already paying for and actively using the feature, while GitHub Copilot also saw meaningful revenue from its newly launched usage-based billing model. Microsoft reported fourth-quarter revenue of $90.01 billion, up 18% year-over-year and ahead of the Street consensus estimate of $87.62 billion. Earnings came in at $4.74 per share, topping analyst estimates of $4.24. Overall cloud revenue rose 27% year-over-year to $59.3 billion, while Azure and other cloud services revenue climbed 43% from a year earlier. The stock closed 0.71% lower at $390.54 on Wednesday and jumped 8.88% to $425.21 in after-hours trading following the earnings release.