Microsoft's results exceed expectations and achieve an 11% increase in revenue
Microsoft said yesterday that despite mounting concerns about inflation and the economy around the world, the software giant had significantly increased its revenue in the three months to the end of September.
After the US stock market closed, the company announced an 11% increase in revenue to reach $50.1 billion in this quarter, compared to the same period last year.
The result slightly exceeded market expectations.
However, the group suffers from a strong dollar, which reduces foreign earnings in US currency.
Microsoft's operating income rose 6% to $21.5 billion.
However, net income decreased by 14% to $17.6 billion due to significantly higher costs.
Dynamics products and cloud services revenue increased 15%, driven by 24% revenue growth for Dynamics 365.
Microsoft's Azure platform, the company's leading cloud computing product, recorded a 35% growth.
In the previous quarter, the percentage was about 40%.
Microsoft shares initially fell about 2% in after-hours trading.
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