Microsoft Cloud Strength Drives Second Quarter Results
Microsoft Corp. Beat Earnings Expectations in Q2
Earnings Release Expected on April 23, 2024
Microsoft Corp. (MSFT) announced solid financial results for its second quarter, driven by strong growth in its cloud computing business. The company reported earnings per share (EPS) of $2.32, beating analysts' estimates of $2.29. Revenue for the quarter came in at $52.7 billion, slightly above expectations of $52.4 billion.
The company's cloud revenue reached $23.3 billion, up 22% year-over-year. This growth was primarily driven by increased adoption of Microsoft's Azure cloud platform and Office 365 productivity suite. Azure revenue alone grew by 33% in the quarter.
Microsoft's commercial cloud business continued to perform well, with revenue increasing by 29%. The company also saw strong growth in its consumer cloud business, driven by Xbox Game Pass subscriptions and LinkedIn advertising revenue.
The company's overall revenue growth was slightly impacted by a decline in its Windows hardware sales. However, this was offset by strong performance in its other segments.
Looking ahead, Microsoft expects to continue to see strong growth in its cloud business. The company also anticipates continued growth in its commercial and consumer segments. Microsoft's next earnings release is expected on April 23, 2024.
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