Microsoft reports quarterly revenue of $35 billion, beating Wall Street estimates as the coronavirus crisis drives demand for its cloud
Microsoft reported third-quarter earnings on Wednesday, beating analyst expectations as it reported $35 billion in revenue and $10.8 billion in net income.Cloud usage increased related to the crisis, Microsoft said, while there was a "slowdown in transactional licensing, particularly in small and medium businesses, and a reduction in advertising spend in LinkedIn."
Microsoft's overall commercial cloud business – which includes Microsoft's Azure cloud computing platform, Office 365 and other cloud services – reached $13.3 billion in sales for the quarter, up 39 percent year over year. Microsoft said Azure revenue grew 59 percent compared to the same quarter last year, but the company doesn't report actual revenue figures for the platform.
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