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Microsoft beats on earnings as cloud unit shows strong growth

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Microsoft saw a slowdown in Azure growth during a quarter in which it took a $1.2 billion charge for layoffs, lease consolidations and hardware lineup changes.

"We are focused on operational excellence as we continue to invest to drive growth," Amy Hood, Microsoft's finance chief, was quoted as saying in the statement.

Revenue in Microsoft's Intelligent Cloud segment amounted to $21.51 billion, up 18% and slightly above the $21.44 billion consensus among analysts polled by StreetAccount. The unit includes the Azure public cloud, Windows Server, SQL Server, Nuance and Enterprise Services. Revenue from Azure and other cloud services, which Microsoft does not report in dollars, grew by 31%, slightly above the estimate of just under 31% that analysts polled by CNBC and StreetAccount had expected.

The More Personal Computing segment featuring Windows, Xbox, Surface and search advertising contributed $14.24 billion, representing a revenue decline of 19%. Technology industry researcher Gartnerthat during the fourth quarter of 2022 the PC business had its slowest growth since the company started keeping track of the market in the mid-1990s.

Microsoft's report kicks off earnings season for the mega-cap tech companies with the Nasdaq coming off its worst year since 2008 and its first four-quarter slump since the dot-com crash. Along with Microsoft's layoffs, Amazon,

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Microsoft should hire the workers laid off from Google! 😎

Yeah a tech company that makes up ~6% of the $SPY just had solid earnings report during this economic state. Yeah I’m sure we haven’t felt most of the pain yet… Bottoms in.

Amazon is gonna beast its earnings looking at that reaction to cloud growth.

🤝

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