Microsoft quarterly profits rev up as Nadella pivots to cloud computing
April 28, 2017
Grazed from WION. Author: Editorial Staff.
Microsoft on Thursday reported a strong jump in profits in the just-ended quarter but revenue fell short of expectations in the tech giant’s first earnings report incorporating social network LinkedIn. Net profit rose 28 per cent to $4.8 billion while revenues edged up eight per cent to $22.1 billion in the quarter ending March 31, Microsoft said.
Shares in Microsoft fell 1.8 per cent in after-hours trade on the results. The earnings for Microsoft’s fiscal third quarter come as chief executive Satya Nadella seeks to reduce the tech giant’s focus on software, shifting to cloud computing and business services. "Our results this quarter reflect the trust customers are placing in the Microsoft cloud," Nadella said in a statement…
"From large multi-nationals to small and medium businesses to non-profits all over the world, organizations are using Microsoft’s cloud platforms to power their digital transformation."…
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