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Microsoft missed out on quarterly revenue forecast as sales of its Windows product failed in the PC market, resulting in a more than 4% drop in stock in after-hours transactions. office.
The Seattle-based technology company reported total revenue of $ 32.47 billion, just below badysts' average estimate of $ 32.51 billion. Windows products generated by PC manufacturers declined by 5% due to delays from chip vendors that slowed the PC market.
Microsoft revenue, however, exceeded expectations as corporate customers spent more on their Azure cloud products and services and the Office365 suite. In addition, consumers have purchased more Surface computers than ever before, and players obsessed with Fortnite's spectacular success have benefited from Xbox software revenue.
The company announced adjusted earnings of $ 1.10 per share, exceeding expectations of $ 1.09 per share. Reported net income was $ 8.4 billion, compared with a loss of $ 6.3 billion for the same quarter of the previous year.
The stock, which has risen 12% over the past year, has dropped 4% Wednesday after office hours to $ 103.08.
Overall revenues increased 12% year-on-year. Azure revenues, the cloud products division of Microsoft, grew by 76 percent over the same period last year, while business revenues from Office365, the cloud-based software suite, increased by 34 percent. % compared to the previous year.
Satya Nadella, chief executive of Microsoft, said "commercial cloud business results" reflected partnerships across different industries, including retail, financial services, and healthcare.
Microsoft's chief financial officer, Amy Hood, said global revenue from the commercial cloud grew 48 percent year-over-year to $ 9 billion. "We continue to make strategic investments to seize growing market opportunities to drive growth in our business," she said.
Surface revenues increased 39%, or 41% in constant currency. Xbox software and services revenue increased 31 percent, or 32 percent, at constant exchange rates, resulting in sustained growth in gaming revenue, up 8 percent from the previous year. 'last year.
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