Microsoft Profit Tops Estimates as Azure Cloud Unit Proves Resilient
- Shares rally in extended trading as results defy PC slump
- Traders find relief with market sentiment only getting worse
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Microsoft Corp.’s second-quarter profit topped analysts’ estimates, helped by strength in its Azure cloud-services business even as demand slumped for personal-computer and corporate software. Shares rose more than 4% in late trading.
Adjusted profit was $2.32 a share in the period ended Dec. 31, and overall sales rose 2% to $52.7 billion, the company said in a statement. That compared with average analysts’ projections for $2.30 a share in earnings and $52.9 billion in revenue, according to a Bloomberg survey. In Microsoft’s closely watched Azure cloud-computing business, sales gained 38%, compared with predictions for a 37% increase, excluding the impact of currency fluctuations.