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Microsoft’s Cloud Services Lead Q2 Profits, Revenue Higher
From StockNews.com: Microsoft Corporation (NASDAQ:MSFT) late Thursday posted better than expected second quarter earnings results, paced primarily by strong growth in its cloud computing segment.
The Redmond, WA-based software giant reported Q2 EPS of $0.83, which was $0.04 better than the Wall Street consensus of $0.79. Revenues rose 1.5% from last year to $26.07 billion, also topping analysts’ $25.29 billion view.
Revenue in MSFT’s Productivity and Business Processes grew 10% to $7.4 billion, while Intelligent Cloud revenue gained 8% to $6.9 billion. More Personal Computing revenue fell 5% to $11.8 billion, hurt by weaker phone revenue.
The company commented via press release:
“Our customers are seeing greater value and opportunity as we partner with them through their digital transformation,” said Satya Nadella, chief executive officer at Microsoft. “Accelerating advancements in AI across our platforms and services will provide further opportunity to drive growth in the Microsoft Cloud.”
Within the company’s Cloud segment, Azure revenue stood out dramatically, posting a 93% increase. Azure is Microsoft’s answer to Amazon’s AWS service, allowing flexible on-demand application hosting and deployment.
Microsoft Corporation shares rose $0.33 (+0.51%) in after-hours trading Thursday. Year-to-date, MSFT has gained 3.43%, versus a 2.59% rise in the benchmark S&P 500 index during the same period.
MSFT currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #1 of 61 stocks in the Software – Application category.
This article is brought to you courtesy of StockNews.com.
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