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.


Reuters | Updated: 27-10-2021 10:34 IST | Created: 27-10-2021 01:39 IST
Microsoft beats quarterly revenue estimates on cloud boost
Representative image Image Credit: ANI

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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