Microsoft profit beats on strong cloud demand
The company`s shares rose as much as 1.5 percent in trading after the bell on Thursday. They had touched a record high of $74.30 in regular trading.
Microsoft said revenue from its cloud unit, which includes the flagship Azure platform and server products, rose about 11 percent to $7.43 billion in the fourth quarter.
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. http://bit.ly/2oQAzSJ
The service competes with Amazon.com Inc`s
Microsoft has sharpened its focus on the fast-growing cloud computing unit as part of Chief Executive Satya Nadella`s "mobile first, cloud first" strategy to offset weakness in the PC market.
The company`s net income more than doubled to $6.51 billion, or 83 cents per share, in the quarter ended June 30 from $3.12 billion, or 39 cents per share, a year earlier.
Excluding one-time items, Microsoft earned 98 cents per share.
On an adjusted basis, revenue rose 9.1 percent to $24.7 billion.
Analysts on average had expected an adjusted profit of 71 cents per share and revenue of $24.27 billion, according to Thomson Reuters I/B/E/S.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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