Despite the current economic uncertainty, Microsoft (NASDAQ:MSFT) CEO Satya Nadella said the software company would continue to invest to gain market share and establish new businesses. Still, it will do it with “intense execution.”
Nadella stated, “In this environment, we’re focused on three things,” noting that capturing market share and pursuing new business opportunities are important, but that Microsoft (MSFT) is the best-positioned organization to assist its clients in “do more with less.”
In addition, Nadella cited the company’s record-breaking $100M and $1B+ agreements as evidence that Microsoft’s (MSFT) Azure is still expanding rapidly.
Amy Hood, the chief financial officer of Microsoft (MSFT), repeated those ideas and said that the company hadn’t noticed any weakness in significant business transactions.
The company generated $51.9B in revenue for the quarter ending on June 30 and earned $2.23 per share, the weakest growth in two years.
Microsoft (MSFT), situated in Redmond, Washington, made $25B in sales from commercial cloud services. Revenue from other areas, such as Productivity and More Personal Computing, which includes Windows, was $16.6B and $14.36B, respectively.
Revenue from Intelligent Cloud, which includes Azure, increased by 20% year over year to $20.9B. Azure was particularly noteworthy for Microsoft (MSFT), as the business reported revenue growth of 40% year over year or 46% in constant currency.
Microsoft (MSFT) reported that foreign exchange headwinds cost it $595M more than what it had previously disclosed to investors, which was a $460M impact.
Additionally, China’s COVID-related suspension earlier this year had a $300M negative impact on Windows-related sales.
Microsoft (MSFT) was cited by UBS earlier this month as one of its preferred investment concepts.
The European antitrust watchdog was reportedly investigating whether Microsoft’s (MSFT) planned $69B acquisition of Activision (ATVI) may eliminate competitors last week.
Featured Image: Megapixl © Wolterk
