System Center (client and server both, so includes Windows Intune)
Dynamics (CRM and ERP)
Online Advertising (search and display both)
Client-access license (CAL) suites (formerly known as desktop access)
Enterprise Services (including consulting)
Enterprise communication business (Exchange plus Lync)
That's 15 businesses. What's number 16? I asked and have yet to hear back. But many of us company watchers think it's probably patent licensing, possibly even Android patent licensing specifically. Microsoft doesn't break out its Android patent-license revenues and has been reporting them in with Windows Phone (which has fallen under the larger Entertainment and Devices division).
Microsoft is attempting to incubate a number of new businesses and products, hoping to cultivate them so they become billion-dollar businesses as well. As is true of the current list, the list of those most likely to be among the next billion-dollar businesses for the company are primarily, if not entirely, enterprise products and services.
Microsoft is planning to explain the new way it will be reporting revenues, now that it has reorg'd more along devices and services lines, on September 19 at its Financial Analyst Meeting. In the interim, anyone have any other guesses as to what the missing billion-dollar business might be on the current list?