BREAKING NEWS Woman arrested for trying to run over Jackson County sheriff’s deputy Full Story

Microsoft up on sales jump even as market falls

Microsoft's big bet on the cloud may have just helped it rise above broader market jitters.Microsoft ...

Posted: Oct 25, 2018 3:47 AM
Updated: Oct 25, 2018 3:47 AM

Microsoft's big bet on the cloud may have just helped it rise above broader market jitters.

Microsoft (MSFT) said Wednesday that its sales for the quarter ending in September topped $29 billion, up 19% from the same period a year earlier. That growth was fueled in part by the company's commercial cloud business, which soared 47% from the prior year to $8.5 billion.

Business, economy and trade

Companies

Company activities and management

Company earnings

Financial performance and reports

Financial results

Microsoft

Banking, finance and investments

Financial markets and investing

Securities trading

Stock markets

The company's stock rose as much as 4% in after hours trading Wednesday following the earnings results.

Microsoft is the first of the big five tech companies to report earnings after tech stocks briefly fell into correction territory this week. The market has suffered turbulence this month amid concerns about rising interest rates and an escalating trade war with China.

Under CEO Satya Nadella's leadership, Microsoft shook up its internal operations to prioritize the cloud and demote its legacy business, Windows. The shift placed Microsoft near the front of the rapidly growing technology segment after years of struggling to compete in smartphones and online services like search.

Microsoft overtook Google in public cloud market share in 2016 and now ranks second only to Amazon, according to data from Synergy Research Group. In an investor note this week, Wedbush analyst Daniel Ives called it a "two horse race."

And there's plenty of business to go around for both companies. Global spending on public cloud services and infrastructure is expected to hit $160 billion this year and reach $277 billion by 2021, according to projections from IDC.

"We are seeing a clear inflection point in the field as more enterprises and government agencies make this transformational move" to the cloud, Ives wrote in the note.

In recent months, Microsoft has struck deals with Volkswagen and Walmart to provide cloud services. This month, Microsoft announced that it expanded support for "highly-classified workloads" as it competes with Amazon for a $10 billion Pentagon cloud computing contract.

Microsoft's traction in this market has catapulted its stock to all-time highs this year and fueled its first ever $100 billion sales year. Morgan Stanley analysts predicted in March that cloud computing could push Microsoft to a $1 trillion market cap, joining Apple and Amazon in the race to that astronomical figure.

Huntsville
Few Clouds
89° wxIcon
Hi: 90° Lo: 66°
Feels Like: 90°
Florence
Few Clouds
87° wxIcon
Hi: 88° Lo: 68°
Feels Like: 89°
Fayetteville
Clear
87° wxIcon
Hi: 89° Lo: 65°
Feels Like: 87°
Decatur
Clear
90° wxIcon
Hi: 88° Lo: 66°
Feels Like: 90°
Scottsboro
Scattered Clouds
86° wxIcon
Hi: 89° Lo: 67°
Feels Like: 90°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 89927

Reported Deaths: 1580
CountyConfirmedDeaths
Jefferson11650225
Mobile8998191
Montgomery6198143
Madison493225
Tuscaloosa391263
Baldwin317522
Shelby300232
Marshall294730
Unassigned263351
Lee249140
Morgan220615
Etowah191425
DeKalb167713
Elmore158437
Calhoun15359
Walker145763
Houston130912
Dallas128023
Russell12201
Franklin118420
Limestone118313
St. Clair118212
Cullman111311
Colbert107612
Lauderdale105312
Autauga101020
Escambia96515
Talladega89013
Jackson8163
Chambers81438
Tallapoosa80478
Dale77619
Butler75135
Blount7223
Covington70420
Coffee7035
Chilton6976
Pike6547
Barbour5625
Lowndes54624
Marion53524
Marengo51514
Clarke4849
Hale44925
Bullock43711
Perry4284
Winston42811
Wilcox4029
Monroe3884
Randolph38810
Conecuh37110
Bibb3643
Pickens3639
Sumter36118
Washington31011
Macon30813
Lawrence3060
Crenshaw2843
Choctaw27312
Henry2433
Greene24011
Cherokee2337
Geneva2260
Clay2165
Lamar1942
Fayette1695
Cleburne1141
Coosa902
Out of AL00

Tennessee Coronavirus Cases

Confirmed Cases: 109627

Reported Deaths: 1073
CountyConfirmedDeaths
Shelby21296285
Davidson19320199
Rutherford604251
Hamilton562147
Knox392634
Williamson323022
Sumner316069
Unassigned29244
Out of TN282312
Wilson206420
Montgomery171111
Bradley170510
Sevier17025
Trousdale15726
Putnam154713
Robertson143216
Hamblen121713
Tipton11049
Blount10987
Maury10665
Washington10382
Madison88912
Bedford86210
Macon83413
Hardeman79411
Sullivan7809
Lake7440
Bledsoe6681
Loudon6493
Fayette6178
Anderson5995
Dickson5871
Gibson5582
Cheatham5445
Dyer5427
Rhea4971
Jefferson4892
McMinn47920
Lawrence4746
Obion4274
Henderson4260
Carter4245
Lauderdale4216
Coffee4112
Warren4004
Hardin3987
Cocke3911
Cumberland3756
Greene3695
Haywood3695
Smith3613
Monroe3569
Roane3561
Giles3449
Hawkins3244
McNairy3105
DeKalb3041
Franklin2854
Marshall2632
Weakley2603
Lincoln2511
Carroll2263
Hickman2260
Crockett2233
Wayne2141
Claiborne2120
Henry2110
Campbell2071
Marion2064
Chester1921
White1913
Grainger1680
Polk1661
Johnson1600
Decatur1591
Unicoi1360
Overton1341
Union1180
Cannon1170
Jackson1071
Grundy1012
Humphreys1013
Scott1010
Meigs960
Sequatchie940
Benton921
Morgan791
Fentress740
Hancock741
Perry740
Stewart700
Clay620
Lewis561
Houston550
Moore420
Van Buren320
Pickett221

 

 

Community Events