By Shira Ovide 

Microsoft Corp. on Wednesday unveiled more of Windows 10, the latest version of its flagship operating system that is aimed at a world increasingly mobile, social and cloud-enabled.

"We want to move from people from needing Windows to wanting Windows," Chief Executive Satya Nadella said at an event at the company's headquarters in Redmond, Wash. "Windows 10 is built for a world where there are more devices than people."

During the event, Microsoft also unveiled a new hologram system. The headset and motion controller will enable the user to do stuff like design objects, video chat and play games.

The company also showed off a Surface Hub, an 84-inch screen that you can use as a white board or to run a larger version of Skype and PowerPoint.

Microsoft said the Windows 10 upgrade will be free during its first year for those using Windows 7 or later systems. The company hasn't yet provided the software's specific release date, expected later this year.

As part of Windows 10, Microsoft will migrate Windows Phone's personal assistant software, Cortana, to desktops. Also, Windows 10 will include a new Web browser, Project Spartan, although it wasn't clear if the new browser was replacing Internet Explorer.

"We are going to have services everywhere. We are not bolting on apps; we are seamlessly harmonizing experiences," Nadella said. "We are going to have our services and their endpoints everywhere. But we believe Windows is home for the very best of Microsoft experiences."

A lot is riding on the new operating systems as the current version, Windows 8, failed to gain traction. Fewer than 15% of Windows computers run it, according to analyst Net Applications. Many users who tried it on a computer with keyboard and mouse complained about the touch screen interface.

In prior previews of Windows 10, the company acknowledged it went off the rails with some elements of the earlier version, called Windows 8. (Microsoft unaccountably skipped Windows 9.) Microsoft is de-emphasizing a screen offering smartphone-like apps, introduced in Windows 8, that confused some users with its fusion of mobile and PC conventions. Microsoft officials will continue to stress that Windows 10 is more like the Windows that people have come to expect.

"What Microsoft has got to do is continue to provide a stable, familiar-to-use version of Windows," said David MacDonald, chief executive of Softchoice Corp., which sells technology and services to companies. Mr. MacDonald said few of his corporate customers installed Windows 8 on workplace PCs, preferring to stick with prior versions.

Microsoft also hopes Windows 10 will fulfill its long-standing promise to establish a common software foundation for PCs, tablets, smartphones and Xbox. Those products now require four fairly distinct operating systems. Unifying them could allow for seamless activities across devices, such as letting Xbox users shift in midgame from the console to a Windows PC.

The larger benefit of a cross-device operating system, however, is creating a bigger base of users to appeal to software developers--a crucial constituency for Microsoft's flailing smartphone business. Microsoft's Windows Phone software is used on just three out of 100 new smartphones sold world-wide, and one reason is a lack of popular or buzzy mobile apps. Microsoft hopes to burnish its allure to developers with the promise that apps created for Windows phones will also run on hundreds of millions of Windows PCs.

Windows' role in generating revenue makes every new version a high-stakes venture. The PC operating system accounted for about 19% of Microsoft's revenue in the year ended June 30, and it generates roughly 30% of the company's earnings, Nomura Securities stock analyst Rick Sherlund estimates.

Those figures actually understate the operating system's financial potency, because sales of Office are closely tied to sales of Windows devices. The sum of revenue related to Windows and PC versions of Office accounts for roughly 80% of Microsoft's operating profit, according to estimates from Jefferies & Co.

Windows 10 may usher in some business-model tinkering. Microsoft executives have hinted the company will experiment with new ways to make money by pitching people on add-on services or apps, such as Microsoft's Skype video-calling service, OneDrive file storage and digital video downloads.

Some analysts have also speculated Microsoft could give some people the option to buy Windows 10 as an annual subscription, rather than a one-time purchase. That could shift the Windows revenue engine into overdrive.

Joanna Stern contributed to this article.

Write to Shira Ovide at shira.ovide@wsj.com

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