Microsoft profit, revenue beat estimates on cloud growth

Microsoft profit, revenue beat estimates on cloud growth

Total revenue rose 14 percent to $30.57 billion in the third quarter ended March 31, beating analysts' average estimate of $29.84 billion, according to IBES data from Refinitiv.

But growth in the unit dipped to 73 percent in the latest reported quarter.

"Leading organizations of every size in every industry trust the Microsoft cloud". "We are accelerating our innovation across the cloud and edge so our customers can build the digital capability increasingly required to compete and grow". For the full year, ending June, earnings are projected to rise 14.4% year over year to $4.44 per share, while full-year revenue of $124.07 billion would mark a year-over-year increase of 12.3%.

Segment revenue breakdown: Intelligent Cloud, $9.65B (consensus: $9.3B); More Personal Computing, $10.68B (consensus: $10.5B); Productivity and Business, $10.24B (consensus: $10B).

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Microsoft's "commercial cloud" revenue - which includes business use Azure, Office 365 and LinkedIn - was $9.6 billion this quarter, up 41 per cent from the previous year but down slightly from the 48 per cent growth rate the previous quarter. Analysts were predicting cloud revenue of $9.30 billion.

In this quarter Microsoft introduced the new Surface Hub 2S and HoloLens 2, but the devices are unlikely to contribute to revenue until some time later this year.

Microsoft's Intelligent Cloud business revenue grew 20% year over year to $9.4 billion, driven by 24% increase in Server products and cloud services revenue, namely a 76% revenue surge by Azure. Microsoft now has 180 million active monthly users on Office 365 Commercial, up 8 percent, and 34.2 million Office 365 Consumer subscribers, up from 30.6 million a year ago.

Overall, another solid quarter for the software giant. I'll pour over the post-earnings conference call for more details.

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