Microsoft projected second quarter revenue below Wall Street targets across its business units.
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Microsoft’s Azure cloud computing services grew 50%, the second quarter of acceleration in a business where the global pandemic benefited its investment on working and learning from home.
Microsoft’s cloud computing business slightly re-accelerated and its Teams collaboration software won new users, as a pandemic-driven shift to working from home drove quarterly results ahead of investor targets.
Microsoft’s flagship cloud computing business, Azure, reported quarterly sales growth of under 50% for the first time ever on Wednesday, sending the tech giant’s shares down 2%.
Microsoft topped quarterly sales and profit projections, fuelled by steady demand for cloud computing services and a surprisingly strong Windows business.
Microsoft’s cloud computing business fuelled quarterly sales and profit that topped analysts’ estimates, boosted by several new deals with large corporate clients.
Microsoft reported second quarter sales that met projections, though weakness in the PC market and broader concern about slowing cloud services growth sent the shares lower in late trading.
Microsoft posted another quarter of brisk revenue growth driven by cloud services, underscoring the company’s success in shifting its business toward Internet-based computing. The stock rose in extended trading.
Microsoft’s earnings report and forecast cheered investors, providing further evidence the company can increase cloud sales and squeeze more profit from the area while cutting into Amazon.com’s massive industry lead.
Clad in jeans and a gray sweatshirt, Amy Hood stands before a room of 140 Microsoft recruits. The feeling in the air is a bit like the first day of school, and new hires are taking selfies outside in front of a big Microsoft logo.