The cloud helps Microsoft top earnings expectations
San Francisco — US software colossus Microsoft Thursday reported a slip in quarterly profit but still topped expectations due to rising demand for offerings in the internet cloud. Microsoft posted a net profit of $4.7bn for the fiscal first quarter, down 4% from a year earlier, on revenue that remained essentially flat at $20.5bn. Microsoft shares jumped more than 5% to $60.46 in after-market trade that followed the release of the earnings figures. "Our first-quarter results showed continued demand for our cloud-based services," Microsoft chief financial officer Amy Hood said in a release. Microsoft built its fortune on packaged software but has made a priority of offering applications as services hosted online and accessible from a broad array of internet-linked devices. The shift in strategy has been deemed vital for the company, as lifestyles have shifted to mobile devices and accessing cloud services whenever desired. Microsoft also is among the US technology titans making a pri...
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