Microsoft on Wednesday said its profits rose 18% for the January-March quarter, driven by its growth in its cloud computing and artificial intelligence business in a turbulent time for the tech sector.
The company reported quarterly net income of $25.8 billion, or $3.46 per share, beating Wall Street expectations for earnings of $3.22 a share.
The Redmond, Washington-based software maker posted revenue of $70.1 billion in the period, its third fiscal quarter, up 13% from the same period a year ago. Analysts polled by FactSet expected Microsoft to post revenue of $68.44 billion for the quarter.
Microsoft is among a group of the tech industry’s bellwether companies that have been through a period of uncertainty and turmoil since President Donald Trump returned to the White House, with a see-sawing of stocks that has eviscerated trillions of dollars in shareholder wealth amid an onslaught of tariffs and other actions.
Microsoft’s stock price has dropped nearly 8% since Trump's inauguration in January, to about $395 at the close of markets Wednesday.
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