10/25/2022, 10:01 PM (Source: TeleTrader)
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Microsoft's revenue up 11% to $50.1B in Q1

Microsoft Corporation said on Tuesday its revenue in the first quarter of fiscal 2023 amounted to $50.1 billion, climbing 11% from the same period a year earlier and topping analysts' estimates. However, cloud revenue was worse-than-expected despite rising 24% to $25.7 billion.

The tech giant's GAAP diluted earnings per share declined 13% year on year to $2.35, but still topped estimates, and GAAP net income slid 14% to $17.6 billion. GAAP operating income was up 6% to $21.5 billion.

"In a world facing increasing headwinds, digital technology is the ultimate tailwind," CEO Satya Nadella stated. "In this environment, we’re focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way," he added.

Microsoft's shares were down 1.26% in after-hours trading on disappointing cloud revenue.

Baha Breaking News (BBN) / NP