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Microsoft cloud revenue regains momentum, sending profit above Street estimates – Source Reuters Tech News

(Reuters) – Microsoft Corp (MSFT.O) on Wednesday reported quarterly sales and profit that beat Wall Street expectations, driven by the first acceleration of Azure cloud computing revenue growth in eight quarters amid a pitched battle with Inc’s (AMZN.O) cloud unit.

Shares of the world’s largest software company hit an all-time high in after-hours trading. The results reflected the approach of Chief Executive Satya Nadella, who for five years has re-centered Microsoft around the cloud, renting out its computing power and technology to large businesses.

Microsoft said Azure, its primary competitor to Amazon’s cloud, grew 62% in the fiscal second quarter ended Dec. 31, down from a 76% revenue growth rate the year before but up from 59% in the fiscal first quarter.

Microsoft’s chief financial officer, Amy Hood, said increased consumption of Azure services, which include offerings such as computing power to run applications and data storage services, drove the revenue…

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Source Reuters Tech News

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