Microsoft beat Wall Street estimates for revenue for the third quarter, driven by growth in its cloud computing and Office software businesses, reported results on Tuesday.
Las Microsoft shares gained 4 percent in after-hours trading after announcing earnings of $2.45 per share, beating Wall Street estimates of $2.23, according to Refinitiv data, and 10 percent higher than in the same quarter a year earlier. .
Los company revenue increased 7 percent to $52.9 billion in the quarter ended March, beating analysts’ median estimate of $51.20 million, according to Refinitiv data.
The bulk of Microsoft’s sales continue to come from cloud computing software and services to customers, though the company has grabbed the news this year with its partnership with OpenAI, creator of ChatGPT, and the addition of artificial intelligence technology to the Bing search engine.
Microsoft said that the cgrowing your business in the Azure cloud it was 27 percent in the last quarter, beating analyst expectations of 26.6 percent.
Analysts had expected the gloomy economic outlook to hit Microsoft’s Windows business, which relies heavily on sales of personal computers, which have fallen in recent quarters.
The drop in sales in this business was less severe than analysts had expected.
Microsoft posted revenue of $13.3 billion, compared with analyst estimates of $12.19 billion, according to Refinitiv data.
He company productivity areawhich includes Office and advertising sales from the social network LinkedIn, also beat market expectations with revenue of $17.5 billion versus estimates of $16.99 billion, according to Refinitiv.
Global revenue for the company’s cloud unit, which includes Azure and other services, was $22.1bn, slightly above estimates of $21.85bn..
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2023-04-26 03:03:16
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