Thanks to a robust cloud computing business, software leader Microsoft (MSFT) exceeded Wall Street’s first-quarter fiscal target expectations late on Tuesday. Also, it gave analysts better guidance for the current quarter. During extended trading, MSFT’s stock increased.
In the quarter that concluded on September 30, the Redmond, Washington-based corporation made $2.99 per share on sales of $56.5 billion. According to a FactSet survey of analysts, Microsoft was anticipated to earn $2.65 per share on $54.5 billion in revenue. Microsoft saw a 27% gain in profitability year over year, despite a 13% increase in sales.
According to a statement from Chief Financial Officer Amy Hood, Microsoft Cloud revenue increased by 24% year over year to $31.8 billion in the September quarter.
Microsoft CEO Satya Nadella praised the company’s artificial intelligence initiatives in a press statement.
“We are rapidly infusing AI across every layer of the tech stack and for every role and business process to drive productivity gains for our customers,” Nadella said. “With copilots, we are making the age of AI real for people and businesses everywhere.”
