Microsoft Reaps Rewards of Its Cloud-Computing Business

July 21, 2017 Off By Hoofer

Grazed from NewYorkTimes. Author: Editorial Staff.

A few years ago, Microsoft appeared to be another tech has-been, having whiffed on its efforts to compete in mobile phones and internet search. Although it is too soon to say whether Microsoft can pull off a full-blown renaissance the way Apple has, the company is firmly back in favor.

Not long after its shares reached another all-time high at the close of regular trading, Microsoft reported on Thursday that its profit in the most recent quarter more than doubled from a year ago. One reason for that jump was the failure of its mobile phone business, which produced big losses for the company in past years, yielding a $1.8 billion tax benefit that Microsoft was able to recognize last quarter…

At the same time, the company delivered growth where it mattered to investors — in the cloud business that has become Exhibit A for bulls convinced that Microsoft has a grip on the future of computing. The company’s shares popped more than 3 percent in after-hours trading after the release of the results…

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