Microsoft posted revenue of $51.7 billion in the December quarter, up 20% from the same quarter last year, and profits of $18.8 billion, an increase of 21%, with earnings per share of $2.48, up 22%.
The results were fueled by continued adoption of Microsoft’s Azure cloud computing platform and across-the-board growth in its major business lines. The numbers easily surpassed Wall Street’s expectations. Analysts were looking for Microsoft to report $50.1 billion in revenue and profits of $2.31 per share.
Despite the strong results, Microsoft shares are down 5% in after-hours trading. Dan Ives, a Wedbush analyst, offers this reasoning in a note to clients: “The stock is selling off after market as Azure growth came in at 46% and beat the Street at 45% but was lower than some bullish whisper numbers at 48%.”
Developing story, more to come.