Microsoft forecasts strong growth for Azure cloud business, shares surge 8%

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Microsoft forecasts strong growth for Azure cloud business, shares surge 8% - Business Standard

Quick Summary:

Microsoft said revenue at its Azure cloud division rose 33 per cent in the third quarter ended March 31, exceeding estimates of 29.

A senior Microsoft executive reiterated earlier this month that the company would spend $80 billion on its data center build-out this year, and investors will be watching closely to see if it reaffirms that on its post-earnings call.

Overall, revenue rose 13 per cent to $70.1 billion, beating estimates of $68.42 billion, according to data compiled by LSEG.