Microsoft’s quarter solid, thanks to cloud computing

Microsoft's quarter solid, thanks to cloud computing

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Microsoft on Wednesday gave another solid quarterly report card to Wall Street, as it plows ahead in selling its cloud computing services to big businesses and the government.

The company reported fiscal second-quarter profit of $11.6 billion, up 36% from the same period last year.

Net income of $1.51 per share beat Wall Street expectations.

The software maker posted revenue of $36.9 billion in the October-December period, up 14% from last year and also beating forecasts.

Analysts polled by FactSet expected Microsoft to earn $1.32 per share on revenue of $35.7 billion for the October-December quarter. They are predicting a forecast of $1.24 in earnings per share on revenue of $34.1 billion for the January-March quarter.

Goldman Sachs analyst Heather Bellini said in a note to investors Wednesday that Microsoft’s Azure cloud computing business has been growing faster than the broader cloud market. Azure’s quarterly revenue grew 62% percent from the same time last year.

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