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Microsoft Q3 results top estimates as cloud business shrugs off demand fears

Published 25/04/2023, 21:32
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MSFT
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Investing.com - Microsoft reported Tuesday third-quarter results that beat consensus estimates as its cloud business underpinned performance, shrugging off fears that slowing consumer spending would weigh on growth. 

Microsoft (NASDAQ:MSFT) shares gained 5% in after-hours trade following the report.

The company announced EPS of $2.45 on revenue of $52.9 billion. Analysts polled by Investing.com anticipated EPS of $2.24 on revenue of $51.12B.

Revenue in the company’s productivity and business processes was up 7% to $17.00B and its intelligent cloud business, which includes cloud business Azure, rose 18% to $21.51B.

Azure grew 31% in the quarter despite fears that a weaker customer backdrop would weigh on growth.

More Personal Computing, which includes sales of Windows to third-party PC makers, fell 19% to $14.24B.

Microsoft is up about 15% so far this year, riding on investor optimism about its lead in the Artificial Intelligence, or AI, race following a multi-billion dollar investment in ChatGPT developer OpenAI.

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