Microsoft beat Wall Street’s expectations for profit and revenue in the fiscal third quarter, benefiting from demand for cloud computing services, driven by hybrid working models.
The company’s shares rose about 1% in post-trade trading after the results were published.
The company reported revenue of US$ 49.36 billion (R$ 245 billion) in the quarter, compared to revenues of US$ 41.7 billion (R$ 207 billion) a year earlier. Analysts, on average, had expected revenue of $49.05 billion, according to Refinitiv data.
Annual revenue growth of 46% at the company’s cloud computing division, Azure, was flat from the immediately preceding three months and in line with estimates of 45.6% annual growth compiled by Visible Alpha. Still, Azure’s growth showed a slowdown from fiscal 2020, when growth was in the 60% range.
Microsoft’s net income rose to $16.73 billion, or $2.22 per share, for the quarter ended March 31 from $15.46 billion. .8 billion), or $2.03 per share, a year earlier. Analysts, on average, had expected earnings of $2.19 per share.
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