Microsoft's (MSFT) stock rose as much as 6 pc in extended trading on Tuesday after the company reported fiscal second-quarter earnings Azure cloud revenue growth and quarterly revenue guidance that exceeded analysts’ expectations.
Impressive growth in its Azure Cloud business in a pandemic-hit year helped Microsoft post a 17 pc increase in its revenue which reached USD43.1 billion, with declaring a net income of USD15.5 billion, for the quarter ended December 31, 2020.
"What we have witnessed over the past year is the dawn of a second wave of the digital transformation sweeping every company and every industry," said Microsoft CEO Satya Nadella. "Building their own digital capability is the new currency driving every organisation's resilience and growth.
Microsoft is powering this shift with the world's largest and most comprehensive cloud platform," he said. Revenue in Intelligent Cloud was USD14.6 billion and increased 23 pc (on-year). Server products and cloud services revenue increased 26 pc driven by Azure revenue growth of 50 pc, Microsoft informed. "Accelerating demand for our differentiated offerings drove commercial cloud revenue to USD16.7 billion, up 34 pc year over year," said Amy Hood, executive vice president and CFO, Microsoft.
The company said, “the revenue in Productivity and Business Processes was USD13.4 billion and increased 13 pc (On-year). We continue to benefit from our investments in strategic, high-growth areas."
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