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Microsoft Q3 results top estimates as cloud business shrugs off demand fears

Investing.com - Microsoft reported Tuesday third-quarter results that beat consensus estimates as its cloud business underpinned performance, shrugging off fears that slowing consumer spending would weigh on growth.

Microsoft (NASDAQ:MSFT) shares gained 5% in after-hours trade following the report.

The company announced EPS of $2.45 on revenue of $52.9 billion. Analysts polled by Investing.com anticipated EPS of $2.24 on revenue of $51.12B.

Revenue in the company’s productivity and business processes was up 7% to $17.00B and its intelligent cloud business, which includes cloud business Azure, rose 18% to $21.51B.

Azure grew 31% in the quarter despite fears that a weaker customer backdrop would weigh on growth.

More Personal Computing, which includes sales of Windows to third-party PC makers, fell 19% to $14.24B.

Microsoft is up about 15% so far this year, riding on investor optimism about its lead in the Artificial Intelligence, or AI, race following a multi-billion dollar investment in ChatGPT developer OpenAI.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.