From Seattle's own, GeekWire (also serving Redmond):
Microsoft reported revenue of $52.9 billion for its fiscal third quarter, a 7% increase from last year. The company beat analyst expectations of $51 billion and shares were up more than 4% in after-hours trading. Profits came in at $18.3 billion, up 9%.
The results mirror Microsoft’s financials from its second fiscal quarter: continued growth in the cloud business that is helping pad revenue declines in Windows and devices.
The company reported strength in some of its products and services for businesses, led by a 22% increase in Microsoft Cloud revenue, to $28.5 billion. This category includes Microsoft Azure, Office 365 Commercial, the commercial portion of LinkedIn, and other cloud-related revenue.
However, the overall 7% revenue increase represents the second straight quarter of single digit growth as Microsoft navigates various macroeconomic headwinds, including a pullback in business technology budgets and more cautious customer spending for cloud services and software licenses that drive the bulk of Microsoft’s business.
It’s a far cry from 18 months ago, when Microsoft’s year-over-year revenue growth peaked at more than 20% as the company and broader tech economy emerged from the pandemic with a head of steam.
Microsoft said Azure’s revenue growth was 27% for its fiscal third quarter, adjusted for foreign currency fluctuations. That compares to a 46% growth rate in the year-ago period....
....MUCH MORE
And more to come .
The Yahoo Finance story is not quite as cheery:
Microsoft Q3 earnings: Despite cloud struggles, tech giant beat on revenue and EPS
Microsoft (MSFT) reported its fiscal third quarter earnings on Tuesday, beating Wall Street's expectations, despite a continued slowdown in the company's cloud revenue.
The tech giant reported Azure and other cloud services revenue growth of 27% year-over-year for the quarter. That number has declined every quarter since at least Q3 2022, as companies trim their capital expenses amid rising interest rates....
....MUCH MORE
Vaguely reminiscent of the old joke about the two shoe sellers sent to Kenya in the early years of the last century:
1) "Terrible market, nobody wears shoes here".
2) "Wonderful market, nobody wears shoes here".
