Microsoft’s cloud business keeps profits flowing in tougher times
Microsoft misses quarterly revenue estimates By Reuters
Stock Markets 8 minutes ago (Jan 24, 2023 04:16PM ET)
(C) Reuters. FILE PHOTO: A Microsoft logo is seen in Los Angeles, California U.S. November 7, 2017. REUTERS/Lucy Nicholson
(Reuters) – Microsoft Corp (NASDAQ:MSFT) narrowly missed Wall Street estimates for second-quarter revenue on Tuesday, squeezed by a slump in the personal computer market that hammered its Windows software business.
Revenue rose 2% to $52.7 billion in the three months ended Dec. 31, compared with the average analyst estimate of $52.94 billion, according to Refinitiv IBES.
Shares of the Redmond, Washington-based company rose 4% in extended trading. They lost nearly a third of their market value in a dismal 2022 for tech stocks.
Microsoft is wrestling with a steep drop in the computing division, which includes products like Windows operating systems and devices.
PC shipments tumbled nearly 29% between October and December, according to Gartner (NYSE:IT), the largest quarterly shipment decline since the consulting firm began tracking the market in the mid-1990s.
Microsoft misses quarterly revenue estimates
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