Tim was the 2nd in command of Apple for years. Easy to forget this, but Apple's success in the 2000s is partially attributable to Tim as well (not to forget all the other brilliant folks at Apple).
I can imagine what happened with Zune, cloud, etc is that (an enormously successful) MS assigned senior engineers to head up potentially prestigious new projects as professional rewards, but what they should have done was acquire-hire startup founders with fire in their belly (and strong vision) about the space. Ironically anyone with that much belly fire probably would have left MS to pursue it, basically disqualifying everyone left. :)
Eight years post-Jobs, it remains to be seen what Apple's evolutionary thrust turns out to be, Amelio/Sculley. For now the market expectations (user desires) would seem to support innovation and design as a business priority.
But it certainly wasn't ordained that Apple would parlay that into the runaway success of the iPhone.
Contrast this with Apple, which (then) used MP3s and you could plug in the player and have friends copy the music; add in the premium pricing and you've also got a status symbol. "Sharing" mp3s was the modern equivalent of sharing CDs or cassettes, something the labels took way to long to figure out in their early attempts at strict online digital music.
I have no idea if Apple intentionally did this, but it mattered. MP3 players were in their infancy and when people compared, the ipod looked better.
https://www.folklore.org/StoryView.py?story=Diagnostic_Port....
It seems paradoxical that trying to maximize shareholder value at all costs could have the opposite effect long term; but think of it this way: almost every company in the world is fixated on profit -- that's not a differentiator. What makes the company is amazing products that people need, even depend upon -- once you have that, it is very hard to fail.
Profit singlemindedness can definitely lead you astray, be fragile (of course, the 'user-oriented' robust strategy can be thought as ultimately also a form of profit seeking).
What Nadella seems very competent at doing is also pleasing his workforce as an additional important stakeholder.