Microsoft results top forecasts, shares jump 8%
Microsoft Corp beat Wall Street's estimates for quarterly revenue and profit on Tuesday, driven by growth in its cloud computing and Office productivity software businesses, and the company said artificial intelligence products were stimulating sales. The company forecast revenue in its main segments for the current quarter would match or top Wall Street targets. Shares gained 8.3% in after-market trading following a report by Redmond, Washington-based Microsoft that profits were $2.45 per share in the fiscal third quarter, beating Wall Street estimates of $2.23, according to data from Refinitiv. "The bottom line is that despite all the concerns that the sky is falling in big tech, the truth is companies still see value in cloud computing and there's still a huge percentage of workloads that can be moved to the cloud," said Bob O’Donnell, an analyst for TECHnalysis Research. Microsoft said growth at its cloud Business Azure was 27% in the latest report...