Tech giant Microsoft reported a 12pc increase in quarterly revenues thanks to growth in its fast-growing cloud computing division. The company posted $32.5bn (£24.8bn) in revenue in the second quarter, compared to $28.9bn a year ago. Profits reached $8.4bn, after a loss in the same period of last year due to a one-off tax charge. The Seattle-based company attributed its growth largely to its cloud offering Azure and Surface PC hardware. It also saw an increase in revenue from LinkedIn, which it acquired in 2016, and its Office software products which include Word, Excel and Outlook. The company has sought to invest heavily in its cloud offering, competing with Amazon Web Services. It reported a 76pc increase in revenue from Azure alone – the biggest area of growth for the corporation. “Our strong commercial cloud results reflect our deep and growing partnerships with leading companies in every industry including retail, financial services, and healthcare,” said Satya Nadella, Microsoft’s chief executive. “We are delivering differentiated value across the cloud and edge as we work to earn customer trust every day.” Last year, Microsoft overtook Apple to become the world’s biggest company, a title it has vied with Amazon for in recent weeks. Shares fell nearly 3pc in after hours trading because the company narrowly failed to meet Wall Street profit expectations.
Source: https://news.yahoo.com/microsoft-posts-higher-profits-cloud-223723804.html
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