Microsoft earnings beat expectations on cloud computing growth
Microsoft on Thursday reported earnings that far exceeded Wall Street's expectations due partly to strong ongoing growth from its Azure cloud services and LinkedIn. The software giant reported profit of $13.19 billion, or $1.71 a share, up from $8.87 billion, or $1.14 a share, in the same period last year. Analysts had expected profit of $1.21 a share, MarketWatch reports.
Microsoft wrapped up its 2019 fiscal year with $36.8 billion in net profit, a 21.6 percent increase over the previous year. Sales increased by more than 14 percent. Chief Financial Officer Amy Hood said the company expects sales and operating profit to continue growing by double digits in the coming fiscal year, too. Microsoft shares gained more than 1 percent in after-hours trading after closing up by 0.1 percent on Thursday.
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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
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