Microsoft shares hit record highs, powered by growing cloud sales - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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Microsoft shares hit record highs, powered by growing cloud sales via SABCNewsOnline

Revenue growth in Azure was 64% in the fiscal fourth quarter ended June 30, compared with 89% a year earlier and 73% in the prior quarter. Microsoft does not provide an absolute revenue figure for Azure, blending it into its “intelligent cloud unit,” which had revenue of $11.4 billion compared with analyst expectations of $11.0 billion, according to Refinitiv data.also forecasted between $10.3 billion and $10.

In the cloud computing business, Azure’s chief rival is Amazon Web Services, which dominates the industry with a 32.8% market share, according to research firm Canalys. Microsoft has a share of 14.6%, while Google has 9.9%. “Its hybrid cloud strategy has resonated with enterprises where this is a more realistic and flexible approach,” Voce said.

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