Microsoft Earnings Jump as Cloud Services Thrive
Microsoft Corp. continued to benefit from the global shift toward remote work as its cloud business boosted its revenue last quarter. On Tuesday it reported revenue of $45.3 billion for the three months through Sept. 30, up 22% from the year-earlier period. Net income rose 48% to $20.5 billion. The results exceeded analyst expectations of $44 billion in sales and $15.7 billion in profit, according to analysts surveyed by FactSet. The Redmond, Wash., software company said it expected to bring in between $50.15 billion and $51.05 billion in revenue in the current quarter. The company’s shares, which have climbed more than 45% over the last 12 months, climbed around 1.5% in after-hours trading following the quarterly report.