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Investing.com – Microsoft reported Tuesday first-quarter results that beat consensus estimates, led by strong growth in its cloud division as businesses continue to move workloads to the cloud.
Microsoft Corporation (NASDAQ:MSFT) fell more than 3% in after-hours trade following the report.
The company announced earnings per share of $1.95 on revenue of $41.71B. Analysts polled by Investing.com anticipated EPS of $1.78 on revenue of $41.04B.
Revenue in productivity and business processes was up 15% to $13.6 billion and its intelligent cloud business, which includes cloud business Azure, grew 23% to $15.1 billion.
The company said Azure grew 50% in the quarter, compared with estimates for 46%.
“Azure revenue growing 50% which we note is well above bullish Street whisper expectations of 46% heading into the print,” Wedbush said in a note.
Revenue in personal computing was up 19% to $13 billion as demand for its tablets and laptops continued to benefit from work from home trend.
“Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” said Satya Nadella, chief executive officer of Microsoft.
