Microsoft Surpassed Expectations With Growth From Azure
Microsoft shares rose 9% in extended trading after the software maker issued fiscal third-quarter results and quarterly guidance that exceeded analysts’ predictions.
Microsoft beat estimates on quarterly revenue guidance with growth from Azure and other cloud services slowed to 27% from 31% in the prior quarter but was still faster than expected.
Microsoft finance chief, Amy Hood during a conference call with analysts noted that for the fiscal fourth quarter there was an increase from $54.85 billion to $55.85 billion in revenue.
The middle of the range, at $55.35 billion, implies 6.7% growth, topping the $54.84 billion consensus among analysts as surveyed by Refinitiv.
CNBC reports that revenue in Microsoft’s Intelligent Cloud business segment, which includes the Azure public cloud, Enterprise Services, SQL Server and Windows Server, generated $22.08 billion in revenue. That’s up 16% and higher than the $21.94 billion consensus among analysts.
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