Xbox and Kinect help drive 'record' revenue for Microsoft

Microsoft released its annual fiscal report today, and things are looking quite rosy for the Redmond-based computer giant. For the fiscal year ending June 30th, Microsoft reported "record revenue" of $69.94 billion, a 12% increase from the previous year. Part of the company's growth came from a massive turnaround in the Entertainment & Devices Division, responsible for Xbox and Kinect.

According to the report, E&D revenue grew 45% year over year "due to the ongoing momentum of the console, Kinect, and Xbox Live." Microsoft notes that Xbox 360 has been the top-selling game console in the US "over the past twelve months." The company sold 13.7 million Xbox 360 consoles in fiscal 2011, compared with 10.3 in fiscal 2010. Coupled with Kinect sales and increased revenue from Xbox Live subscriptions, E&D earned revenues of $8.91 billion this year, a 33% increase over last year's revenues. Profit doubled from $618 million to $1.32 billion. That is certainly something to jump, flail, and waggle about.