Microsoft Corp beat Wall Street expectations for quarterly revenue on Tuesday, as the software giant benefited from demand for its cloud-based services during the pandemic-induced remote working and learning.
The global shift to work from home has spurred demand for cloud-based computing, which is an advantage for Microsoft as well as its rivals including Alphabet Inc’s Google Cloud and Amazon.com Inc’s cloud unit.
Microsoft said revenue in its “Intelligent Cloud” segment rose 23% to $15.1 billion, with 50% growth in Azure. Analysts had expected a 46.3% growth, according to consensus data from Visible Alpha.
On a constant currency basis, Azure revenue growth was 46% in the quarter.
Revenue from its personal computing division, which includes Windows software and Xbox gaming consoles, rose 19% to $13 billion, Microsoft said.
The company’s revenue rose 19% to $41.7 billion in the third quarter ended March 31, beating analysts’ estimates of $41.03 billion, according to IBES data from Refinitiv.
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