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Microsoft today reported its financial results for the quarter ended June 30, 2020.
Microsoft’s sales numbers were ahead of analysts estimates, EPS was $1.46 against the estimate of $1.39 and the revenue was $38 billion against the estimate of $36.54B. operating income was $13.4 billion and it increased 8%. Net income was $11.2 billion and decreased 15%.
As expected, Microsoft’s solid financial results were driven mainly by Office 365 and Azure cloud services.
“The last five months have made it clear that tech intensity is the key to business resilience. Organizations that build their own digital capability will recover faster and emerge from this crisis stronger,” said Satya Nadella, chief executive officer of Microsoft. “We are the only company with an integrated, modern technology stack – powered by cloud and AI and underpinned by security and compliance – to help every organization transform and reimagine how they meet customer needs.”
“Our commercial cloud surpassed $50 billion in annual revenue for the first time this year. And this quarter our Commercial bookings were better than expected, growing 12% year-over-year,” said Amy Hood, executive vice president and chief financial officer of Microsoft. “As we drive growth across the company, we remain committed to investing in long-term strategic opportunities.”
Expecting strong earnings results, Microsoft stock was up 1.19% percent today before the market was closed. As you can see from the numbers, coronavirus (COVID-19) had minimal net impact on Microsoft’s total revenue. But, Microsoft explained the full nature of the impact so that investors can understand what is exactly going on. You can read about it in detail here.