Microsoft’s shares rise as cloud-computing business beats revenue estimates

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 92%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Microsoft’s shares, which gained about 41 per cent in 2020 as one of the stay-at-home winners, rose 6 per cent in extended trading.

beat Wall Street estimates for Azure revenue growth on Tuesday, as the software giant continued to benefit from a global shift to working and learning from home.

The shift to work from home due to the COVID-19 pandemic has accelerated enterprises’ switch to cloud-based computing, benefiting Microsoft and rivals such as Amazon.com Inc’s cloud unit and Alphabet Inc’s Google Cloud.Microsoft said revenue in its “Intelligent Cloud” segment rose 23 per cent to $14.6 billion, with 50 per cent growth in Azure. Analysts had expected a 41.4 per cent growth in Azure, according to consensus data from Visible Alpha. Last quarter Azure grew 48 per cent.

Commercial cloud gross margins – a measure of the profitability of its sales to large businesses – were 71 per cent in the quarter, compared with 67 per cent a year earlier. Microsoft in November released two new Xbox consoles, its most visible nonwork and nonschool brand, but the hardware proved difficult to find as a global semiconductor shortage contributed to tight stocks as many retailers.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Tax the rich, tax big corps. They aren't going to fold and concentration of money in the hands of a few kills the economy.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines