Microsoft profit up 24% in quarter, driven by cloud growth

Associated Press

REDMOND, Wash. (AP) — Growth in Microsoft’s cloud computing business helped push the company’s profit up 24% in the July-September quarter. The tech company based in Redmond, Washington, on Tuesday reported quarterly profit of $17.2 billion, or $2.27 per share. That beat Wall Street expectations of $2.08 per share. Microsoft profits have soared throughout the pandemic thanks to ongoing demand for its software and cloud computing services for remote work and study. Microsoft posted revenue of $45.3 billion in its fiscal first quarter, up 22% from last year. According to a survey by FactSet, analysts had been looking for revenue of $44 billion.