Microsoft outperformed its quarterly revenue estimates due to a surge in demand for cloud computing products as companies changed the way their employees work.
The company’s sales increased to $ 45.32 billion ($ 32.92 billion) in the three months to September 30, an increase of 22% from $ 37.15 billion in the previous year.
This is the company’s fastest growth rate since 2018, and as a result, Microsoft’s share price is on a record high.
Microsoft also reported a net profit of $ 20.5 billion (£ 14,890 million), 48% year-over-year, as cloud revenue increased nearly $ 4 billion (£ 2.91 billion) year-over-year. Has increased.
Since the beginning of the pandemic, cloud software provider sales have skyrocketed as more companies have adopted a hybrid work model.
According to Microsoft, Azure and other cloud services have grown 50% from last year.
Since May, when it was revealed that the company’s founder, Bill Gates, had a relationship with an employee in 2000 and then sent an inappropriate email to another member of Microsoft staff in 2007. The company has overcome a series of embarrassing headlines.
The company confirmed that Microsoft executives warned him to stop sending frivolous emails the following year.
The relationship between Gates and sex offender Jeffrey Epstein has also been scrutinized since 2019, and billionaire officially divorced his 27-year-old wife in August.
Microsoft expects sales to skyrocket as businesses move to the cloud.Business news
Source link Microsoft expects sales to skyrocket as businesses move to the cloud.Business news