Microsoft (MSFT) Sales Top Estimates as Cloud-Computing Growth Recovers
Oct 25, 2023 - bloomberg.com
Microsoft Corp. reported a 13% increase in revenue to $56.5 billion for the fiscal first quarter ending Sept. 30, marking its strongest sales growth in six quarters. This surge was driven by a recovery in cloud-computing growth and demand for new artificial intelligence products, which are encouraging corporate customers to increase spending.
The company's profit was $2.99 a share. Sales from Azure cloud-services saw a growth of 29%, up from 26% in the previous quarter. Following the announcement, Microsoft's shares rose by more than 5% in late trading.
Key takeaways:
Microsoft Corp. reported its strongest sales increase in six quarters, driven by a recovery in cloud-computing growth and demand for new artificial intelligence products.
Revenue for the fiscal first quarter, ending Sept. 30, rose 13% to $56.5 billion, exceeding analysts' average projections.
Profit was reported at $2.99 a share.
Azure cloud-services sales increased by 29%, up from 26% growth in the previous quarter, causing shares to jump more than 5% in late trading.
