Microsoft posted quarterly profits of $16.5 billion, up 47%, surpassing even the most optimistic Wall Street expectations, and closing out its 2021 fiscal year with fresh evidence that its business has been strengthened by the digital acceleration brought on by the COVID-19 pandemic.
The company’s revenue of $46.2 billion for the quarter ending June 30 was an increase of 21% from the same quarter a year ago.
Profits translated into $2.17 per share, up 49% from a year ago.
Analysts polled in advance had expected revenue of $44.1 billion, on average, up 16%, and profits of $1.90 per share, vs. $1.46 a year ago.
The high estimate among analysts had been $2.03 per share, according to data tracked by Yahoo Finance.
Products and services showing substantial growth included Office, LinkedIn, search advertising, and server products and cloud services.
Revenue was down in the company’s Surface hardware business, Windows for PCs, and Xbox content and services, in some cases due to unfavorable product release cycles.
Microsoft shares are down 2.3% in after-hours trading following the earnings release.
Developing story, more to come.
from GeekWire https://www.geekwire.com/2021/microsoft-profits-rise-47-16-5-billion-june-quarter-soaring-past-wall-street-expectations/