Firm’s earnings were up 15% year-on-year, but Azure’s lower returns resulted in share prices falling by as much as 7%
Microsoft outperformed analyst predictions in its latest quarterly earnings report, revealing on Tuesday that its revenue was up 15% year-over-year. But growth of the company’s closely watched Azure cloud computing services failed to meet expectations and shares in Microsoft fell as much as 7% in after-hours trading.
The company was expected to report steady growth in its fourth quarter earnings report, mostly on the back of its cloud services. Revenue from those services grew 29%, lower than the 30% to 31% that analysts predicted, resulting in a sell-off that exacerbates big tech’s recent market woes.
About Author
More Stories
Bizarre Australian mole even more unusual than first thought, new research reveals
Male mosquitoes to be genetically engineered to poison females with semen in Australian research
Breakthrough drugs herald ‘new era’ in battle against dementia, experts predict