Microsoft reports another quarter of solid growth
Microsoft Corp (NASDAQ: MSFT) is trading up in extended hours on Thursday after reporting market-beating financial results for its third quarter.
Microsoft stock up on strong cloud performance
Investors are content particularly because Azure and other cloud services remained strong in Q3 on the back of continued AI demand.
Microsoft saw its cloud-computing platform grow 31% on a year-over-year basis versus 28.6% expected. Amy Hood – its chief of finance said in a press release today:
This quarter Microsoft Cloud revenue was $35.1 billion, up 23% year-over-year, driven by strong execution by our sales teams and partners.
The tech behemoth will offer guidance on its earnings call that you can tune into on this link. Microsoft stock is up roughly 10% for the year at writing.
Watch here: https://www.youtube.com/embed/vGaG88gbxcU?feature=oembedNotable figures in Microsoft Q3 earnings release
- Earned $21.94 billion versus the year-ago $18.30 billion
- Per-share earnings also improved from $2.45 to $2.94
- Overall revenue popped 17% year-on-year to $61.86 billion
- Consensus was $2.82 a share on $60.8 billion in revenue
Microsoft recorded annualised increase of 12% in revenue from Productivity and Business Processes, 17% in More Personal Computing and 21% in Intelligent Cloud – all ahead of expectations. CEO Satya Nadella said in the earnings report:
Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry.
Last month, $MSFT hired Mustafa Suleyman – the cofounder of DeepMind (AI startup that Google bought in 2014) to lead its new AI unit as Invezz reported here.
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