I don't think Nadella understands either enterprise or consumer tech. The Windows 10 forced upgrades, privacy concerns, the milquetoast Surface sales, and the non-stop march of users shifting from Windows to OSX and mobile is a sign that he has no idea what he's doing.
I suspect MS is destined to enter a Yahoo-like phase of remaining semi-relevant via acquisitions and legacy products enterprise finds difficult to move off of. Skype, Linkedin, Minecraft, etc make little sense for MS to own especially at the incredible prices they paid for them. There's no practical ROI here for any of this. Lets call a spade a spade here: MS is just buying customers at this point.
The only rational move MS is doing is a me-too copy of AWS. And only because running Windows of AWS was unsupported for a long time and a PITA. People don't use Azure but because they like it, its because its the one that run Windows.
Nadella isn't the Steve Jobs of MS. He's, at best, the Melissa Mayer of MS. He'll stick around for a while, cash out, and leave a worse running company in his wake. Sadly, when investors demanded Xbox and other divisions be spun off, Nadella fought them tooth and nail. I suspect the investors were right and these divisions would have been more competitive without being tied down to the MS mothership and its questionable leadership and unbelievable spending.
MS has money for these buyouts, but where's its PSVR/Vive competitor? Why are bing results still terrible? Why is Win10 still unliked? Why isn't MS taking ransomware seriously? Why is its licensing still overly expensive and impossible to figure out?
I wish Nadella was more focused on fixing what's broken with MS instead of just buying customers, many of whom will end up leaving anyway when a new competitor comes around. There's no loyalty to Linkedin. In fact, professionals just see its as another nuisance in their lives if they want to maintain competitive in the job market.