Microsoft beats Wall Street estimates as it reports $37.2 billion in quarterly revenue, and the stock is barely moving
Microsoftreported earningsfor its fiscal first quarter after the market closed on Tuesday.
- The company reported $37.2 billion in revenue, compared with Wall Street's expectations of $35.72 billion.
- Microsoft doesn't report revenue figures for Azure but said revenue grew 48% year over year.
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Microsoft reported earnings for its fiscal first quarter on Tuesday, exceeding Wall Street revenue and profit expectations.
Here's what the company reported:
- Revenue: $37.2 billion (Wall Street expected $35.72 billion), compared with $33.1 billion in the same quarter last year.
- Earnings: $1.82 per share, compared with analysts' estimate of $1.54 per share.
- Profit: $13.9 billion, up 30% compared with the first quarter 2019.
Microsoft doesn't report revenue figures for Azure but said revenue grew 48% year over year.Investors typically pay close attention to growth of the company's cloud-computing business, but there's also increasing interest in its Teams chat app. Microsoft Teams landed a surge of users amid the pandemic, and the company recently signaled the product's growing importance for company leaders.
And revenue for the business unit Microsoft calls "more personal computing," which includes Windows, search, Xbox, and Surface products, was $11.8 billion, up 6% year over year.
Microsoft reported strong sales growth for Xbox and Surface devices, but the company doesn't report specific revenue figures for the products. Xbox revenue was up 30%, highlighting the boom in video gaming amid the pandemic, even as the company prepares to introduce two new models of the Xbox in November. Surface revenue was up 37%."The next decade of economic performance for every business will be defined by the speed of their digital transformation,"
Got a tip? Contact reporter Ashley Stewart via encrypted messaging app Signal (+1-425-344-8242) or email (firstname.lastname@example.org).
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