Better-than-expected second-quarter results from Microsoft (MSFT) – Get Free Report and consistent development costs for its important cloud computing sector sent its shares much higher in after-hours trading on Tuesday.
Microsoft reported that revenues for Azure, its flagship cloud division, increased 31% year on year, exceeding Wall Street forecasts but slowing from earlier benefits in the mid to high 40-per cent range as corporations continue to pull back on digital infrastructure spending and the greenback continued its 2022 rise.
For the three months ending in December, Microsoft’s fiscal second quarter, overall group sales increased 1.9% to $52.7 billion, just missing analysts’ projections of a $52.97 billion total.
