OREANDA-NEWS. Microsoft's shares showed a choppy performance after the release of the company's financial report. The technology giant fell 6.73% to $269 per share immediately after the close of the main trading session, trading data showed. However, they later rebounded nearly 9% to $292 a share. Overall, Microsoft shares gained 2.35% in the post-market.
As Bloomberg notes, investors initially reacted negatively to earnings data for the company's Azure cloud division. For the quarter, its revenue rose 46% - less than the previous quarter and another quarter earlier.
However, Microsoft CFO Amy Hood said demand for Azure was better than the company expected. Later in the conference call, Microsoft predicted that Azure service revenue growth will increase in the next quarter, excluding the impact of currency fluctuations.
"The continued growth of Azure makes us very happy. Customers are turning to Azure and the Microsoft Cloud to fundamentally change the way they manage their businesses,"- she said.
Microsoft's total revenue grew 20% to $51.7 billion last quarter, beating analysts' expectations of $50.88 billion, but falling short of the previous quarter. Net income per share was $2.48 and Microsoft's total net income rose 21% to $18.77 billion.
Rate this article: