Microsoft’s quarterly revenue growth rises to $17 billion
The US software company Microsoft announced considerable profits in the third quarter, driven by demand for cloud-computing services.
According to the company, Q3 earnings increased compared to the same period last year, in line with Wall Street projections.
The company’s total net profit reached $16.73 billion, or $2.22 per share, compared to $15.46 billion, or $2.03 per share, in last year’s Q3.
Revenue rose 18.3 percent to $49.36 billion in Q3, up from $41.71 billion the previous year.
Microsoft’s smart cloud unit generated $19.05 billion in revenue, up 26 percent year-over-year.
On Wednesday, the Standard & Poor’s 500 (S&P 500) Index rose on Wall Street, as positive profit forecasts from Microsoft and Visa helped ease concerns of economic slowdown and higher interest rates.