This week, Dow 30 component and tech-giant Microsoft (MSFT
) reported quarterly earnings ending December 2019, beating analysts’ estimates and pushing its stock up by 3% in after-hours trading on Wednesday. The strong performance in the quarter has been pushed by the continuous growth in Microsoft’s cloud business since the company has been concentrating on expansion and competing with industry noted Amazon Web Services.
“We are innovating across every layer of our differentiated technology stack and leading in key secular areas that are critical to our customers’ success,” stated CEO Satya Nadella in a release.
Major highlights from the report:
- The company reported sales growth of 14% from the prior year to $36.9 billion in the quarter.
- The Office 365 commercial business saw a 27% revenue growth.
- Adjusted net income grew 36% to $11.6 billion, triggered by steep growth in its cloud business.
- Revenue from the intelligent cloud division exceeded Wall Street analysts’ predictions and hit $11.9 billion driven by 62% growth in Microsoft’s key Azure cloud business.
- The company’s productivity and business processes segment witnessed a 17% increase in the quarter, due to strong growth in Office 365 and Dynamics 365.
Redmond, Washington-based American multinational technology company Microsoft (MSFT
) develops, manufactures, licenses, supports and sells computer software, consumer electronics, personal computers, and related services. To learn more about Microsoft (MSFT
) and to track their progress please visit the Vista Partners Coverage Page
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