Microsoft beats quarterly revenue estimates on cloud boost

Analysts had expected a figure of $16.58 billion, according to Refinitiv data. "We delivered a strong start to the fiscal year with our Microsoft Cloud generating $20.7 billion in revenue for the quarter, up 36% year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft.

Microsoft Corp beat Wall Street expectations for quarterly revenue on Tuesday, as demand soared for the software giant's cloud-based services from businesses adopting hybrid work models.

Demand for cloud services provided by Microsoft, Amazon.com Inc's AWS and Alphabet Inc-owned Google Cloud has surged since last year when the COVID-19 pandemic shut offices and schools, pushing more activity online. Microsoft said revenue in its "Intelligent Cloud" segment, which includes Azure, rose 31% to $17 billion. Analysts had expected a figure of $16.58 billion, according to Refinitiv data.

"We delivered a strong start to the fiscal year with our Microsoft Cloud generating $20.7 billion in revenue for the quarter, up 36% year over year," said Amy Hood, executive vice president and chief financial officer of Microsoft. The company's revenue rose to $45.32 billion in the first quarter ended Sept. 30, from $37.15 billion a year earlier. Analysts on average had expected revenue of about $43.97 billion.

 

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