Microsoft shared its first quarter financial results for its fiscal year, and revealed a 16% increase in revenue compared against the same time last year.

The Xbox-One maker made $18.5 billion during the last three months, and despite lower sales of the Xbox 360, the Devices and Hardware Division at Microsoft still made $1.64 billion due to the Xbox Live services and stores, as well as the launch of the Surface, the company’s Windows 8-powered tablet.

Microsoft says that transactional revenue from Xbox Live was up more then 25% year on year. As for the Xbox one, Microsoft is hoping that the console will increase its Devices and Hardware division’s quarterly revenue by 35% or even 40% 

What do you think? Will the Xbox one be that successful for Microsoft? Let us know in the comments below.