2024-01-30 16:08:38 ET
Microsoft Corp (NASDAQ: MSFT) is trading up in extended hours on Tuesday after reporting market-beating results for its second financial quarter.
Azure remained resilient in the second quarter
The stock is being rewarded also on solid growth in Azure and other cloud services.
Microsoft saw a 30% growth on a year-over-year basis in its cloud-computing platform versus 27.5% expected. Satya Nadella – its chief executive said in a press release today:
Watch here: https://www.youtube.com/embed/yJZJWDILRc8?feature=oembedMicrosoft Q2 earnings snapshot
- Earned $21.87 billion versus the year-ago $16.43 billion
- Per-share earnings also climbed from $2.20 to $2.93
- Overall revenue jumped 17% year-on-year to $62.02 billion
- Consensus was $2.78 a share on $61.12 billion in revenue
The tech behemoth announced custom AI chips ( find out more ) and launched an artificial intelligence enabled Copilot add-on to Microsoft 365 in Q2. CEO Nadella also said today:
What else was noteworthy in the earnings print?
Other notable figures in the earnings report include a 13% increase in Productivity and Business Processes revenue, 19% in More Personal Computing and a 20% increase in Intelligent Cloud at large – all ahead of Street estimates.
Microsoft Corp is now calling for its revenue to fall between billion and billion in its current financial quarter – also better than expected.
The Nasdaq-listed firm completed its biggest ever acquisition of Activision Blizzard in the second quarter as well. Wall Street currently has a consensus “buy” rating on .
This is a developing story. Check back in a few minutes for more updates!
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