Microsoft Corporation (MSFT) Q1 Earnings Beat As Azure Sales Surge 90%
27 October, 2017, 00:51 | Author: Marie Harrington
Microsoft predicts that it will bring in 83 cents per share in earnings for its current quarter on an adjusted basis.
The milestone was announced in Microsoft's earnings release this afternoon, where it reported $24.5 billion and a profit of $6.6 billion, up from $20.4 billion and $4.7 billion this same quarter previous year.
Cloud goal: Microsoft topped its goal of passing $20B in commercial cloud ARR this fiscal year.
"Our results reflect accelerating innovation and increased usage and engagement across our businesses as customers continue to choose Microsoft to help them transform", said CEO Satya Nadella in a statement.
Shares rose 2.6% to $80.74 in after-hours trading after results beat expectations. See the full release here. LinkedIn contributed $1.1B. Productivity revenue, mainly Office software, climbed 28 percent to $8.2 billion.
As in previous quarters, the numbers most of us pundits are going to focus on revolve around Microsoft's cloud efforts.
Microsoft hit a new milestone in its cloud services business this quarter: it's now able to project over $20 billion in annual revenue.
Azure sales rose 90 percent. Azure gross margins were a "key component" of the 8 percentage point improvement in commercial cloud services from the same period past year, Chief Financial Officer Amy Hood said. Although enterprise services revenue increased by 1 percent with growth in Premier Support Services offset by declines in custom support agreements.
Revenue from Microsoft's personal computing division, its largest by revenue, fell 0.2 per cent to US$9.38 billion but handily beat analysts' estimate of US$8.81 billion. Windows OEM revenue went up by just four percent and commercial Windows and cloud services increased by seven percent. Surface hardware sales jumped 12 percent largely driven by the new Surface Laptop. Microsoft said earlier this month that Bank of America will use both Azure and Office 365 as it shifts more of its operations to the cloud.
Microsoft said its commercial cloud annualised revenue run rate reached US$20.4 billion in the quarter.
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