Microsoft Corp announced better-than-expected quarterly earnings, as the strong performance of its cloud services business helped offset its decline in the personal computer market, prompting the company’s shares to rise 4 percent in after-hours trading. Microsoft’s strong results are likely to calm fears of a collapse in the technology sector, which has laid off thousands of employees this year in anticipation of an economic recession.
Microsoft said revenue from its Azure cloud service rose 31 percent in the second quarter, in line with estimates from Visible Alpha, while the overall intelligent cloud business reported revenue of $21.5 billion, against a forecast of $21.4 billion that Refinitiv compiled from Wall Street, reports Al-Rai daily quoting Reuters.
Microsoft’s revenue rose 2 percent to $52.7 billion in the three months to Dec. 31, compared with an average analyst estimate of $52.94 billion, according to Refinitiv’s brokerage system.
On an adjusted basis, Microsoft’s earnings were $2.32 per share, compared to expectations of $2.29.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
