Technology giant Microsoft Corporation MSFT reported first quarter-financial highlights after the market close Tuesday. Here are the key highlights.
What Happened: Microsoft reported first-quarter revenue of $50.1 billion, up 11% year-over-year. The total beat an estimate of $49.8 billion from analysts, according to data from Benzinga Pro.
The company reported earnings of $2.35, which beat estimates of $2.32 from analysts.
“In a world facing increasing headwinds, digital technology is the ultimate tailwind,” Microsoft CEO Satya Nadella said.
Revenue for the Microsoft Cloud segment was $25.7 billion in the first quarter, up 24%% year-over-year.
Chief Financial Officer Amy Hood said the company is seeing “healthy demand” for its commercial business.
The company’s Productivity and Business Processes segment had first-quarter revenue of $16.5 billion, up 9% year-over-year.
The segment saw LinkedIn post 17% year-over-year growth and the Dynamics products and cloud services line post revenue growth of 15% year-over-year.
Intelligent Cloud segment revenue was $20.3 billion in the first quarter, up 20% year-over-year.
More Personal Computing had revenue of $13.3 billion in the first quarter, declining “slightly” on a year-over-year basis. The segment saw Xbox related revenue down 3% year-over-year and Windows OEM revenue down 15% year-over-year.
What’s Next: The company said it will provide guidance on its conference call, which can be watched below.
“In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way,” Nadella said.
MSFT Price Action: Microsoft shares are down 2% to $245.98 in after-hours trading versus a 52-week trading range of $219.36 to $349.67.
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