Wednesday, October 28, 2020 04:40 am
Microsoft announced today, Tuesday, quarterly revenues that beat market estimates, supported by a growth in cloud computing activity as the software giant continues to benefit from a global shift towards work and learning from home.
Work from home accelerated the adoption of cloud computing, which has benefited companies such as Microsoft, Amazon.com, and Alphabet.
Microsoft said that revenue for the “smart cloud computing” segment increased 20 percent to $ 13 billion in the first quarter of its fiscal year, and analysts expected revenue of $ 12.7 billion, according to IPSS data from Refinitiv.
The personal computing division, which includes Windows software and the Xbox console, increased revenue 6 percent to $ 11.8 billion.
The company’s revenue grew 12 percent for the quarter ended Sept.30, beating analyst estimates of $ 35.72 billion.
Net income rose to $ 13.89 billion, or $ 1.82 per share, from $ 10.68 billion, or $ 1.38 per share, a year ago. Analysts expected a profit of $ 1.54 per share.
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Source: Al-Masry Al-Youm