Microsoft earnings beat expectations on cloud computing growth

Microsoft London flagship store.
(Image credit: Peter Summers/Getty Images)

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.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

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.