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Microsoft Sales Meet Estimates; Cloud Concerns Hit Shares

  • PC market weakness holds back revenue growth, CFO Hood Says
  • Concerns about overall cloud demand hang over tech industry
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Microsoft Sales Meet Estimates But Cloud Concerns Hit Shares
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Microsoft Corp. reported second-quarter sales that met projections, though weakness in the personal-computer market and broader concern about slowing cloud-services growth sent the shares lower in late trading.

Adjusted profit in the period ended Dec. 31 rose to $8.58 billion, or $1.10 a share, compared with the $1.09 average estimate of analysts polled by Bloomberg. Sales climbed 12 percent to $32.5 billion, Microsoft said Wednesday in a statement, matching predictions.