Microsoft’s quarterly earnings beat Wall Street expectations
Redmond-based tech giant Microsoft Corporation on Thursday posted better than expected earnings for the last three months, thanks to strong performance of its cloud business. Microsoft announced non-GAAP revenue and GAAP earnings per share of $24.7 billion and $0.83, respectively. Non-GAAP earnings per share were reported $0.98. Non-GAAP operating income was reported at $7.0 billion.
Strong performance of cloud business particularly helped the company in beating Wall Street analysts’ predictions.
Microsoft’s Azure cloud’s growth slowed down a bit over the last few quarters but it remains one of the main drivers of the company’s top-line growth. In the past quarter, the company reported revenue of $6.8 billion from its “Intelligent Cloud” business. The company also stated that its annual cloud run rate was $15.2 billion.
Satya Nadella, CEO of Microsoft, said, “Innovation across our cloud platforms drove strong results this quarter. Customers are looking to Microsoft and our thriving partner ecosystem to accelerate their own digital transformations and to unlock new opportunity in this era of intelligent cloud and intelligent edge.”
Wall Street analysts had expected average revenue of $24.3 billion, calling for a 7 per cent year-over-year growth. As for earnings per share, the analysts had predicted $0.71 or a 3 per cent year-over-year growth rate.
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