Microsoft profit beats expectations on strong cloud demand [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Microsoft Corp reported better-than-expected quarterly profit and revenue on Thursday, helped by strong performance in its fast-growing cloud business. Shares of the world’s largest software company rose as much as 1.5 per cent in after-hours trading, after touching a record high of $74.30 during the regular session. Microsoft said revenue from its cloud unit, which includes the flagship Azure platform and server products, rose about 11 per cent to $7.43-billion in the fiscal fourth quarter ended June 30. Analysts on average had expected revenue of $7.32-billion, according to data and analytics firm FactSet. Revenue from Azure nearly doubled in the quarter . The service competes with Amazon.com Inc’s Amazon Web Services as well as offerings from Alphabet Inc’s Google, IBM and Oracle Corp. Highlighting Azure’s growth were notable increases to Microsoft’s long-term unearned revenue, which rose by more than 61 per cent year-to-year. The metric is used to indicate long-term
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