By Jeremy C. Owens
NEW YORK (Dow Jones) – The strong cloud business brought strong growth to the software company Microsoft in its first fiscal quarter. But the other two core segments also grew strongly. Profits also increased and exceeded analysts’ expectations.
Sales in the three months to the end of September rose 12.5 percent to 37.2 billion US dollars. Analysts had $ 35.76 billion on their screen.
Cloud business – which is in high demand during the pandemic – grew by nearly 20 percent to $ 12.99 billion. Here analysts had expected only 12.73 billion. The Azure cloud computing platform increased sales by 48 percent.
Net income rose 32 percent to $ 13.9 billion. Earnings per share were $ 1.82. Analysts had forecast $ 1.54 in the factset consensus.
Microsoft has now exceeded earnings expectations for 18 consecutive quarters.
After trading hours, the share barely changed after gaining 1.5 percent during the day.
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DJG / DJN / once
(ENDS) Dow Jones Newswires
October 27, 2020 16:43 ET (20:43 GMT)