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Microsoft Corp surpassed Wall Street targets for first-quarter revenue on Tuesday as the ongoing shift to hybrid work powered demand for its cloud-based services and helped cushion a slump in the personal computers business.
A diverse portfolio of products including Outlook and Teams has made Microsoft essential to businesses adopting flexible work models, helping it retain and attract customers at a time when a broader economic slowdown has sapped corporate spending.
The company reported revenue of $50.12 billion for the quarter, compared with $45.32 billion a year earlier. Analysts on average had expected $49.61 billion, according to Refinitiv IBES data.
Net income fell to $17.56 billion, or $2.35 per share, during the quarter ended Sept. 30, from $20.51 billion, or $2.71 per share, a year earlier.
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