NEW YORK, Oct 27 — Microsoft Corp beat Wall Street estimates for quarterly results yesterday on pandemic-induced demand for the software giant’s cloud-based services and gaming consoles as businesses moved to hybrid working and people entertained themselves at home. Contracts for cloud services...
NEW YORK, Oct 27 — Microsoft Corp beat Wall Street estimates for quarterly results yesterday on pandemic-induced demand for the software giant’s cloud-based services and gaming consoles as businesses moved to hybrid working and people entertained themselves at home.
Revenue growth for Azure, the company’s flagship cloud-computing business, came in at 48 per cent in constant currency to beat analysts’ estimates of 47.5 per cent, according to consensus data from Visible Alpha. Revenue at the firm’s other business units that house Windows software, Teams messaging service and LinkedIn professional social networking platform also beat analyst expectations.
Microsoft said sales of its Xbox gaming consoles and accessories were up 166 per cent as it continues to see strong demand for new models after the pandemic forced millions to seek entertainment at home. Overall, revenue rose 22 per cent to US$45.32 billion in the first quarter ended September 30, beating expectations of about US$43.97 billion.
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