MS is making more money than ever. Their Azure clouds are their new No 1 business.
Clouds have issues. Security of course being a big one. When you have data stored off-site and 1,000's of times a day it is accessed over open lines, you are vulnerable. And Azure has had more security problems than AWS. Which is kind of expected with M$. They have a very long history with blasse security precautions despite always claiming otherwise.
At the same time I am not super convinced companies have really saved money using cloud based systems over client/server apps years ago. Everytime internet goes down - you are dead. No so with internal networks. It does seem to me people are down, or having some sort of issue more than before. At the same time you are dependent on someone else, many times in another country to solve an issue.
Cloud services have a lot of issues.
Having said that, it is certainly going to continue to grow because there is much-much money to be made in subscription "pay us forever" set ups.
Just ask Adobe.